Future Land Development Holdings Ltd said its chairman Wang Zhenhua has been detained by mainland police and that the company has removed him from his position with immediate effect, sending its shares and bonds into a tailspin and wiping out more than $4 billion of its market value.
The eighth-largest property developer by sales in China, Future Land said late on Wednesday that the Putuo Branch of the Shanghai Public Security Bureau informed it that Chairman and Executive Director . . .
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