Zhaoji Property Management denies deposit mishandling, appoints new interim head

Zhaoji Property Management has issued a four-point statement asserting its operations remain normal, directly addressing recent financial controversies linked to its former chairman, Li Jiancheng. The company refutes claims that it holds substantial security deposits, emphasizing its status as an independent legal entity.

The statement clarifies that Zhaoji Investment, holding a 30% stake, is a major shareholder, while Jiju Crab Consulting has no equity relationship with Zhaoji Property Management. The company stressed that its business operations and contracts are proceeding as usual, aiming to reassure stakeholders amidst the ongoing dispute.

In a significant management move, Zhaoji Property Management held an extraordinary board meeting to appoint Wang Guizeng, the third son of Zhongxian Group founder Wang Chaoqing, as the interim general manager. The company also announced plans to convene an extraordinary shareholders' meeting on August 21st to restructure its management team.

Zhaoji Property Management pledges to focus on its core business and maintain stable operations. The company affirmed its commitment to cooperating with regulatory authorities and industry associations as it navigates this period of transition and seeks to rebuild trust.