China developer Guangzhou R&F co-founder Zhang Li resigns as CEO

HONG KONG (Reuters) – Chinese property developer Guangzhou R&F Properties said on Friday that co-founder Zhang Li had resigned as chief executive officer and as a director of the company, citing “other commitments which require more of his time and dedication”.

Earlier this year, 70-year old Zhang admitted bribing a former San Francisco official and entered into a deferred prosecution agreement with U.S. prosecutors to avoid criminal charges, according to a court filing.

Under the agreement, the charge will be dismissed in three years if Zhang abides by the terms, including paying restitution.

Zhang was also a co-chairman of the company, along with Li Sze Lim.

The company’s statement on Friday did not mention Zhang resigning as co-chairman but he was no longer listed on the company board in a separate filing.

(Reporting by Clare Jim; editing by Jason Neely)