Chinese media Jiemian reported that Liu Haibo, the senior vice president of real estate giant Wanda Group, has been arrested for reasons yet to be announced. According to a Wanda insider, the main reason behind the arrest is related to internal corruption within the company, and the amount of money involved is huge. In addition to Liu Haibo, a number of others from Wanda Group have also been taken away.
Liu Haibo graduated from Beijing University of Aeronautics and Astronautics in July 1991, and he joined Wanda Group in 2010. He served in a number of senior positions, including assistant president, executive deputy general manager of the development department, general manager of the development department, regional general manager, group chief vice president, and senior vice president. He has been in charge of Wanda Group’s investment business for a long time.
The news of Liu Haibo’s arrest has sent shockwaves through the real estate industry. Wanda Group is one of the largest real estate companies in China, and its involvement in corruption is a major blow to the industry. It remains to be seen what charges will be brought and what the full extent of the corruption is, but the news is sure to have a negative impact on Wanda Group’s reputation and business prospects.
Source: Central News Agency (Taiwan), August 8, 2023
https://www.cna.com.tw/news/acn/202308080256.aspx