Meidu bosses plead guilty to graft and embezzlement charges

SHANGHAI - Two key suspects connected with the bizarre collapse of a nearly-completed residential building in the city last year pleaded guilty to charges of graft and embezzlement during their trial on Monday.

Que Jingde, 52, the second largest shareholder of Shanghai Meidu Real Estate, which developed the Lotus Riverside residential complex, has been charged with graft, while Zhang Zhiqin, 51, the largest shareholder of Meidu, has been charged with graft, embezzlement of corporate funds and causing a serious accident, which led to the death of a migrant worker and economic losses of nearly 20 million yuan ($2.9 million).

The Shanghai No 1 Intermediate People's Court ended the duo's trial on Monday without delivering a verdict.