Shares of Future Land Development Holdings Limited, a Shanghai-based property developer, plunged by the most since their 2012 listing in Hong Kong after the company’s founder and chairman Wang Zhenhua was detained by Chinese police over a child molestation charge.The stock plummeted by 23.9 per cent in the last hour of trading in Hong Kong to a five-week low of HK$8.04, wiping out HK$14.86 billion (US$1.9 billion) in market value. Shares of Seazen Holdings, also founded and chaired by Wang,…
Source : South China Morning Post
Read more…Future Land’s shares make their biggest one-day plunge since 2012 Hong Kong IPO, wiping out US.9 billion after founder’s arrest















