China’s Guangzhou R&F co-chief agrees to be extradited to US

The billionaire co-chairman and CEO of Chinese developer Guangzhou R&F Properties Co Ltd on Wednesday agreed to be extradited from London to the United States, where he is facing bribery charges.

Zhang Li, who co-founded Hong Kong-listed R&F, is wanted on a provisional warrant issued in the Northern District of California that accuses him of participating in a scheme to bribe public officials between 2015 and 2020.

The 69-year-old, who is currently worth $1.6 billion, according to Forbes magazine, is alleged to have paid kickbacks to obtain permits for a construction project in San Francisco.

He appeared at London’s Westminster Magistrates’ Court on Wednesday, where he agreed to be extradited to the US

Zhang’s case will now be sent to Britain’s interior minister to decide whether to approve his extradition.