Debao Property Development's CEO to assist in investigations on a Chinese official

SINGAPORE - Mr Yuan Le Sheng, executive chairman and chief executive of China-based property firm Debao Property Development, has been asked to assist with investigations regarding a Chinese official of Foshan City in the Guangdong province.

Mr Yuan was asked to assist on Oct 16, and the firm said on Oct 25 no further details on the investigations were disclosed.

During the investigations, Mr Yuan 's son, Mr Yuan Jiajun, will be appointed the alternate director.

It said: "The business and operations of the group are not affected by the investigations and will continue as normal."

The firm will also monitor the progress of the investigations and make such further announcements when necessary.

Shareholders and potential investors are advised to exercise caution when dealing in shares of the company.