The founder of Shanghai-based developer Zhenro Properties Group has been placed under legal compulsory measures, as the debt-laden home builders continue to struggle through the country’s long-running property-market crisis.
Zhenro’s actual controller, Ou Zongrong, is facing legal compulsory actions “due to suspected illegal activities”, the developer’s holding company said on Monday. It noted that “Ou does not currently hold any positions such as director, supervisor or senior executive at the company”.
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