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Private matters of China Yuanbang chairman reportedly being investigated

CHINA Yuanbang Property Holdings Limited (China Yuanbang) said on Tuesday that it had been told by the spouse of its executive chairman Chen Jianfeng that Mr Chen had been required to stay at "a designated residence" since Dec 29, 2014 by the Shenzhen City People's Procuratorate of the People's Republic of China to "assist" the latter in its investigation of some of Mr Chen's "private matters".

These matters are not connected with China Yuanbang, the group said.

"The company has not received any legal documents in connection with the investigation from any government authority. Save for the aforesaid information provided by the spouse of Mr Chen, the directors are not aware of any other information on the investigation," China Yuanbang said in a statement to the Singapore Exchange on Tuesday night.

"As at the date of this announcement, there is no information or evidence that the investigation is related to the group."

In the meantime, the day-to-day operations of the group are being managed by China Yuanbang's CEO, Zhou Xiaoxiong, who is "further supported by the senior management team".

"The company will keep shareholders informed of any material developments on this matter," the group said.

China Yuanbang's share price closed 0.2 of a Singapore cent - or 2.8 per cent - lower at seven Singapore cents on Tuesday, before the announcement was made.