Shares in Agile Property Holdings dived 20 per cent on Monday after the Chinese property developer confirmed that its chairman was under house arrest, the latest tycoon to be ensnared in the country’s sweeping anti-corruption campaign.
Guangzhou-based Agile, whose profits ranked eighth among listed developers last year, said in a filing on Sunday that Chen Zhuolin had been detained by prosecutors in the southwest province of Yunnan since September 30.
Agile did not provide an explanation for Mr Chen’s detention. Financial magazine Caixin reported at the weekend that Communist party anti-graft investigators had discovered evidence of bribery by Agile through a former top official from the provincial capital of Kunming.
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