Zhenro assures business unaffected by top shareholder's detention

Zhenro Properties (6158) said the detention of its controlling shareholder Ou Zongrong has no impact on its business in response to a disclosure by its mainland entity.

It said Ou has not held any position as a director or in senior management within the group. 
With the backing of shareholders, Zhenro Properties has adopted a professional management system, resulting in relatively mature and comprehensive internal controls, it added.

It also said the company’s business management is functioning smoothly and efficiently.

Reports indicate that this issue is linked to a land auction in Fuzhou over a decade ago and involves several private real estate firms, as noted by mainland media YiMagazine.

LAINEY LIU