The Anti-Corruption Inspectorate announced investigations into officials in Shenzhen, Xiamen and Sichuan provinces.
Chinese authorities are investigating current and former owners of three state-owned real estate companies over alleged wrongdoing amid a real estate crisis that has plagued the world’s second-largest economy for more than a year.
In separate announcements, anti-corruption watchdogs in three Chinese cities and provinces on Tuesday said they were investigating Zhuang Yukai, Shi Zhen, Tang Yong and Liu Hui on suspicion of breaching discipline and the law.
Zhuang is chairman of C&D Real Estate Group, a company based in the southeastern city of Xiamen. The firm, which issued a statement confirming the investigation, has assets worth 600 billion yuan ($87.46 billion), according to its website.
Xi is an associate of Zhuang, who holds multiple positions at the company. Both men are under investigation by the Xiamen branch of China’s Central Commission for Disciplinary Inspection.
Tang, the former chairman and CEO of China Resources Land, is under investigation by an anti-corruption watchdog in Sichuan province.
Liu, deputy general manager of the Shenzhen Talent Settlement Group, is under investigation in Shenzhen.
China’s real estate market has come under scrutiny since Evergrande Group and Casa Group, the country’s two biggest developers, defaulted on nearly $500 million in offshore bonds in December.
The debt crisis and Beijing’s ultra-tight “zero-COVID” pandemic restrictions weighed on the economy, which grew just 0.4 percent in the second quarter.
Ahead of the high-profile outage, China’s top anti-corruption official Zhao Leizhi had announced a nationwide scrutiny of 25 financial institutions and regulators amid concerns over contingent debt in the sector.
Since taking office in 2012, Chinese leader Xi Jinping has led a wide-ranging anti-corruption campaign involving thousands of government officials, bureaucrats and businessmen.