(Yicai) July 24 -- Hu Xin, director of Chinese property developer Greenland Holdings, is being investigated by Shanghai's top anti-corruption watchdog.

Hu, who is also vice chairman of Greenland, is under disciplinary review and supervisory investigation by the Shanghai Municipal Commission for Discipline Inspection on suspicion of serious violations of discipline and law, the company announced yesterday.

Since 2021, Hu has concurrently served as vice president of Shanghai Municipal Investment Group while at his posts in Greenland without participating in the former's daily operation and management, the developer noted. The review and probe will not significantly impact production and business activities, it added.

Shanghai Municipal Investment is Greenland's third-largest shareholder, owning a 21 percent stake as of the end of last year. Hu has previously worked at the Shanghai Water Conservancy Engineering Design & Research Institute.

Greenland's net profit likely plunged 90 percent to 92 percent to between CNY200 million and CNY250 million (USD27.5 million and USD34.4) in the six months ended June 30 from a year earlier due to a significant drop in the carry-over of and revenue from the real estate and infrastructure businesses, according to its earnings forecast released on July 10.

Established in 1992, state-owned Shanghai Municipal Investment is a large enterprise focused on urban infrastructure investment, construction, operation, and management in the bridge, water, environment, and real estate fields. Its assets totaled nearly CNY800 billion (USD110 billion) as of the end of last year, with a debt-to-assets ratio of 53 percent and an employee headcount of over 17,000.

Shares of Greenland [SHA: 600606] dropped 1.5 percent to CNY1.36 (19 US cents) apiece as of lunch break in Shanghai today, after closing 1.4 percent lower yesterday.

Editor: Martin Kadiev