Zhang Yadong, 58, who served as the chairman of Greentown China Holdings between 2019 and 2025, has been formally charged by Hong Kong’s Independent Commission Against Corruption (ICAC). The agency alleges that Zhang accepted HK$20 million (approximately US$2.5 million) in bribes from a mainland Chinese property developer. According to the ICAC, the payment was made in exchange for Zhang’s assistance in securing a stake in a specific real estate project.

The case was brought before the Eastern Magistrates' Courts on Friday. As of the initial reporting, the legal proceedings are in the early stages, and the specific details regarding the developer involved or the location of the real estate project have not been fully disclosed by the authorities. The charges represent a significant development for the publicly listed real estate firm, which has seen leadership transitions during the period in question. Zhang has not yet entered a formal plea in public reports, and the investigation remains ongoing under the jurisdiction of Hong Kong’s anti-corruption watchdog.