Hong Kong ICAC charges former Greentown China chairman Zhang Yadong over HK$20m bribe
In short
Hong Kong's Independent Commission Against Corruption (ICAC) said on October 9 that it had charged Zhang Yadong (张亚东), then chairman of Greentown China (绿城中国), with conspiring to accept a HK$20 million bribe from a shareholder of a Dalian property developer. The ICAC alleges the payment led Greentown China to buy a Dalian property project for 440 million yuan. The alleged bribes were suspected to have been paid in several instalments, through an intermediary, into the bank account of Zhang's son.
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Hong Kong's Independent Commission Against Corruption (ICAC) said on October 9 that it had charged Zhang Yadong (张亚东), then chairman of Greentown China Holdings (绿城中国控股有限公司), that morning. Zhang is accused of accepting HK$20 million in bribes from a shareholder of a Dalian property developer, which allegedly led Greentown China to buy a Dalian property project for 440 million yuan, Jiemian, CLS, Yicai and 36Kr reported. [ 1 , 2 , 3 , 5 ]
According to the ICAC, Zhang faces one count of conspiracy for an agent to accept an advantage. He is alleged to have conspired between January 2020 and March 2023 with an intermediary, a shareholder of the Dalian developer, his son and others to accept the HK$20 million, leading Greentown China to acquire equity in the developer. Yicai reported that the charge falls under section 9(1)(a) of the Prevention of Bribery Ordinance and section 159A of the Crimes Ordinance, that Zhang is 58, and that the case was to be heard at the Eastern Magistrates' Courts the same day. [ 1 , 2 , 3 , 5 ]
The ICAC's investigation found that the shareholder had been promoting a Dalian property project to Greentown China since 2019. Zhang then allegedly solicited a bribe from the shareholder through the intermediary, bringing about Greentown China's 440 million yuan purchase of the project. The bribes were suspected to have been deposited, via the intermediary, in several payments into the bank account of Zhang's son. [ 1 , 2 , 3 , 5 ]
Yicai reported that Greentown China (03900.HK) had earlier announced that the ICAC executed a search warrant at its principal office in Hong Kong on June 17, 2026, in connection with corruption allegations against an individual who had served as a company director and was no longer employed by the group. Yicai said the market had since focused on several departed Greentown executives, and that the charge now answered the question. [ 2 ]
According to Yicai, Zhang studied at Liaoning University, Dalian Institute of Light Industry and Xiamen University and holds a doctorate. Before joining Greentown he worked in government, serving as a vice mayor of Dalian, a member of the Dalian party standing committee and head of its united front work department, with responsibility for urban construction and management, including oversight of the city's land resources and housing bureau. He joined Greentown China in May 2018 as party secretary and executive president, succeeded Song Weiping (宋卫平) as board chairman in July 2019, and resigned as executive director and chairman at the end of March 2025, citing work arrangements. [ 2 ]
Why it matters
The case concerns a former chairman of a Hong Kong-listed property company and a 440 million yuan acquisition the ICAC says was obtained through bribery. Yicai reported that Greentown China had earlier disclosed an ICAC search of its Hong Kong offices, and the charge identifies the former executive at the centre of that inquiry, according to Yicai.
Key facts
- Hong Kong's ICAC charged Zhang Yadong, then chairman of Greentown China, on the morning of October 9. [ 1 , 2 , 3 , 5 ]
- Zhang faces one count of conspiracy for an agent to accept an advantage. [ 1 , 2 , 3 , 5 ]
- He is accused of accepting HK$20 million in bribes from a shareholder of a Dalian property developer between January 2020 and March 2023. [ 1 , 2 , 3 , 5 ]
- The ICAC alleges the bribe led Greentown China to buy a Dalian property project for 440 million yuan and acquire equity in the developer. [ 1 , 2 , 3 , 5 ]
- The bribes were suspected to have been deposited in several payments, via an intermediary, into the bank account of Zhang's son. [ 1 , 2 , 3 , 5 ]
- Yicai reported that Zhang, 58, was to appear at the Eastern Magistrates' Courts the same day. [ 2 ]
- Zhang resigned as Greentown China's executive director and board chairman at the end of March 2025, citing work arrangements, according to Yicai. [ 2 ]
Confirmed by several sources
- The ICAC charged Zhang Yadong, then chairman of Greentown China, with one count of conspiracy for an agent to accept an advantage. [ 1 , 2 , 3 , 5 ]
- The alleged bribe was HK$20 million, from a shareholder of a Dalian property developer, between January 2020 and March 2023. [ 1 , 2 , 3 , 5 ]
- Greentown China bought the Dalian property project for 440 million yuan. [ 1 , 2 , 3 , 5 ]
- The shareholder had been pitching the Dalian project to Greentown China since 2019, and Zhang allegedly solicited the bribe through an intermediary. [ 1 , 2 , 3 , 5 ]
- The alleged bribes were paid in several instalments into the bank account of Zhang's son. [ 1 , 2 , 3 , 5 ]
Still unclear
- The identities of the intermediary, the Dalian developer and its shareholder. The ICAC announcement as reported does not name them.
- Whether Zhang entered a plea or what happened at the court hearing. The documents only say the case was to be heard on October 9 and give no outcome.
- Whether the June 17, 2026 ICAC search of Greentown China's Hong Kong offices was linked to this charge. Only Yicai makes the connection; the ICAC announcement as reported does not mention the search.