The trial of Zhang Li in London

Police in London have detained Chinese billionaire and chairman and CEO of development company Guangzhou R&F Properties Zhang Li. It was announced in a statement published on Tuesday night on the company's official account on the Chinese social network WeChat.

"Zhang Li was detained on a denunciation that he arranged a banquet in China for executives of the US city of San Francisco's public services department and also provided them with hotel accommodation as a bribery measure," the company said in a statement.

According to the document, Guangzhou R&F Properties plans to take legal action against "this false denunciation".

The billionaire has so far been released on bail of £15m. A British court is still considering extradition to the US.

However, Benjamin Lloyd Crump, representing the US Attorney's Office, said the scheme involved paying bribes to officials in San Francisco to R&F's US subsidiary, Z&L Properties Inc.

It is also worth noting that Zhang Li was released on bail with a 24-hour curfew. The judge also said Zhang should be handcuffed to a member of the court-appointed private security team when he left his home to attend court.

Earlier, the Chinese media reported with reference to the company representative that the top manager was detained in London at the request of the USA on November 30, and the local judicial authorities intended to consider the issue of extradition. At the time, the reason for his detention was cited as the accusation that he had obtained a trade contract in California through bribery.

Forbes magazine estimates Zhang Li, 69, has a fortune of about $2.2 billion.

Moreover, Guangzhou R&F Properties shares fell more than 13 per cent on Tuesday, losing 0.3 per cent to the Hang Seng Mainland Properties Index fall.