The Hong Kong Independent Commission Against Corruption (ICAC) has charged Zhang Yadong, former chairman of China’s property developer Greentown China, with allegedly accepting bribes of 20 million Hong Kong dollars to facilitate a real estate acquisition project in Dalian.
On October 9th, the ICAC announced in a press release on its official website that Zhang Yadong, aged 58, was charged that morning for allegedly accepting a bribe of 20 million Hong Kong dollars from a shareholder of a Dalian real estate developer between January 2020 and March 2023. This allegedly led to Greentown China acquiring a real estate project in the area for 440 million Chinese yuan. The case was heard at the Eastern Magistrates’ Court on the same day.
The charges allege that Zhang Yadong conspired with an intermediary, a shareholder of the Dalian real estate developer, and the defendant’s son to accept the bribe, enabling Greentown China to obtain ownership of the developer’s shares.
The ICAC investigation found that the implicated shareholder had been promoting a real estate project in Dalian to Greentown China since 2019. Zhang Yadong allegedly solicited the bribe through the intermediary to facilitate Greentown China’s purchase of the project for 440 million Chinese yuan. The suspected bribe payments were allegedly transferred to the defendant’s son’s bank account through the intermediary in multiple transactions.
Earlier, Greentown China had issued a statement disclosing that in June 17, 2026, the ICAC had conducted a search at the company’s main office in Hong Kong. This action was related to corruption allegations against a former director of the company who was no longer employed by the group. Speculations at the time pointed towards several former senior executives of Greentown China.
Public records show that Zhang Yadong, born in April 1968 in Wendeng, Shandong Province, had served in various government positions, including Deputy Mayor of Dalian and Secretary of the Liaoning Provincial Development and Reform Commission. He joined Greentown China in May 2018 as Party Secretary and CEO, later becoming Chairman of the Board in July 2019. He resigned from his positions as Executive Director and Chairman of the Board in late March 2025.