Zhang Li (entrepreneur) explained

Zhang Li
Native Name:张力
Birth Place:Guangzhou, Guangdong, China
Occupation:Founder & president
fuli group
Module:
Child:yes
T:張力
S:张力
P:Zhāng Lì
Cy:Cheung1 Lik6

Zhang Li (; born), is a Chinese billionaire who is a co-founder of Guangzhou R&F Properties.[1] He is president of Fuli Group .

Biography

Zhang is from Guangzhou, Guangdong, China.[2]

Zhang at beginning was an industrial worker in a textile factory which he joined in 1973, later became an official serving in the local government.

In 1986, he became the chief manager of the Garden Village Hotel . Two years later, he first entered the constructional industry, then developed his own business in the field of real estate. He has a long cooperation with the Hong Kong-based businessman LI Silian .[3]

In 2002, Zhang first invested in Beijing, with 3.2 billion Chinese Yuan. He mainly invested in real estate in Beijing, to fit the demands of the Beijing 2008 Olympic Games.

, Forbes reported Zhang's net worth as .[4]

In December 2023, Zhang resigned from his positions of CEO and board member of R&F properties.[5]

Bribery charges and plea deal

See main article: San Francisco Department of Public Works corruption scandal.

On November 30, 2022, Zhang was arrested in London, England, on charges of bribing convicted felon Mohammed Nuru in San Francisco. Zhang was released on bail of .[6] [7], Zhang was confined to a "5-bedroom penthouse apartment on the 43rd floor of an R&F-owned tower."[8] [9] In July 2023, Zhang returned to San Francisco and admitted bribing Nuru in order to fast-track one of his projects in the city. Zhang plied Nuru with meals, gifts, hotel stays, and other benefits in exchange for Nuru's help in securing favorable treatment for the project. Zhang agreed to pay a $50,000 fine and admit his bribes and other corrupt acts as part of a plea deal with prosecutors. If he abides by the terms of the deal, the charges against him will be dropped in three years. As part of Zhang's plea deal, his company, Z&L Properties, was fined $1 million.[10] [11] [12] [13] [14]

Notes and References

  1. Web site: Browning . Jonathan . China Property Tycoon Zhang Li Arrested on US Bribery Charge . Bloomberg.com . 2022-12-12 . 2023-04-08.
  2. Web site: Chinese real estate tycoon Zhang Li, co-founder of Guangzhou R&F, avoids US prison in bribery charges deal . South China Morning Post . 2023-07-20 . 2023-08-16.
  3. http://sh.villachina.com/2005-9-9/519865.htm 富力集团董事长 张力-上海大中华别墅网
  4. Web site: Zhang Li . Forbes . 2023-04-07 . 2023-04-08.
  5. Web site: Caillavet . Christopher . R&F Co-Chairman Zhang Li Steps Down From Board, CEO Role . Mingtiandi . 2024-01-03 . 2024-01-05.
  6. News: Billionaire CEO arrested in London after U.S. prosecutors issue warrant in S.F. bribery case . Joel . Umanzor . San Francisco Chronicle . 14 December 2022.
  7. News: Zhang Li, billionaire developer, arrested on Nuru bribery charges . Joe . Eskenazi . Mission Local . 14 December 2022.
  8. News: Jonathan . Browning . December 14, 2022 . Tycoon’s Prison in the Sky Shows How Wealthy Set Their Own Rules . Bloomberg .
  9. News: Bray . Chad . Billionaire Chinese developer Zhang Li no longer subject to electronic monitoring in London while he fights US extradition . South China Morning Post . 2023-01-31 . 2023-04-08.
  10. Web site: Barned-Smith . St. John . Dineen . J.K. . S.F. corruption scandal: Chinese billionaire admits bribing former public works chief Mohammed Nuru . San Francisco Chronicle . 2023-07-19 . 2023-07-20.
  11. Web site: Chinese National Real Estate Developer Appears In Court To Face Charges Of Bribing A Prominent San Francisco Public Official . U.S. Department of Justice . 2023-07-19 . 2023-07-20.
  12. Web site: Baustin . Noah . Billionaire’s San Francisco Company Gets $1M Fine for Bribery . The San Francisco Standard . 2023-10-05 . 2023-10-06.
  13. Web site: California Developer Z&L Properties Fined $1 Million for Bribing San Francisco Official in Construction Scheme . Hoodline . 2023-10-16 . 2023-10-18.
  14. Web site: Property Developer Z&L Properties Fined $1 Million After Pleading Guilty To Honest Services Fraud Conspiracy . United States Department of Justice . 2023-10-16 . 2023-10-18.

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