Shanghai Urban Development: The current board of directors, senior management, and staff have no relationship with the accused.

On the morning of July 30, Shanghai Industrial Urban Development announced in a statement to the Hong Kong Stock Exchange that the company had taken note of the news released by the Independent Commission Against Corruption of the Hong Kong Special Administrative Region on July 29, 2025. The news mentioned that a former executive director and chairman of China New Properties Group Limited had been charged by the corruption watchdog, and the accused individual had surrendered to the ICAC. Shanghai Industrial Holdings Limited is the controlling shareholder of the company, and its shares are listed on the main board of the Hong Kong Stock Exchange. Shanghai Industrial Holdings completed the acquisition of 45.02% of China New's shares in June 2010, and the company adopted its current name in August 2010. The accused individual is facing charges related to alleged misconduct that occurred between November 2003 and July 2007. The accused resigned from his positions as a director and chairman of China New in August 2009. The alleged incidents took place before the change in control. The case involves China New's acquisition of Top Fair Limited in February 2004, which occurred before the change in control. As of the date of this announcement, Top Fair remains a subsidiary of the company but is not involved in any operational or property development projects. Shanghai Industrial Urban Development emphasized that the current board of directors, senior management, and employees of the company have no relationship with the accused individual and are not involved in any alleged misconduct being charged against the individual.