Press "Enter" to skip to content

Future Land’s shares and bonds tumble after chairman’s detention

CHECK THE WIRE FOR REAL-TIME NEWS UPDATES

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 . . .

To continue reading, please subscribe. You will get

  • Original and in-depth reporting with details, data and perspectives you don't read elsewhere
  • THE WIRE - a real-time financial news platform focused on China
  • Daily Brief newsletter to get you prepared for every trading day
  • An indispensable and reliable source of information on China's economy and financial markets

FREE TRIAL cancel anytime

 

We highly value independence. We are solely funded by subscriptions from thousands of readers like you. Not ready for our full service? Try Free Weekly Newsletter first.

 

Already have an account? Sign In

Top