China Property Tycoon Zhang Li Arrested on US Bribery Charge (1)

The co-founder of Chinese property developer Guangzhou R&F Properties Co. Ltd., Zhang Li, is wanted in the US over allegations he provided kickbacks to secure contracts in California.

Shares and bonds of the distressed builder dropped on Tuesday morning following the news that Zhang was arrested on Nov. 30 by London police and is facing extradition proceedings. He is contesting his transfer to the US.

Judge John Zani granted bail of £15 million ($18.4 million) on Monday at Westminster Magistrates’ Court, the joint highest sum ever recorded for the UK courts. He’ll be confined 24 hours a day ...