Chinese billionaire out on bail as he fights extradition for bribery in San Francisco

Chinese Billionaire developer Zhang Li is out on bail as he fights extradition to the United States after he was arrested in London on allegations of bribery in San Francisco.

Co-founder and CEO of Guangzhou R&F Properties, Zhang, 69, is wanted on a provisional warrant in the Northern District of California, Reuters reported earlier this month. He is accused of participating in a plot between 2015 to 2020 to bribe public officials to benefit his company's U.S. affiliate, Z&L Properties.

R&F said in a WeChat statement that the allegations are "false" and it is responding with "legal action."

With a reported net worth of $2.3 billion, Zhang offered earlier this month in a London court to pay 15 million pounds, or $18.4 million, in security.

U.K. Judge John Zani granted Zhang bail and imposed a 24-hour curfew. When Zhang leaves his house for legal proceedings, the judge said he must be handcuffed to a member of his court-appointed security team.