Chinese developer Future Land says chairman detained, removed from role

S Enjoy Service

04/07/2019 02:19

HONG KONG, July 4 (Reuters) - Future Land Development
Holdings Ltd  1030.HK  said late on Wednesday its chairman and
executive director has been detained by mainland police and that
the Chinese developer has removed him from his position with
immediate effect.
    The Hong Kong-listed firm said it had received notice from
the Putuo Branch of the Shanghai Public Security Bureau
informing it that Wang Zhenhua had been detained for "personal
reasons".
    Wang's detention was not related to the company's operations
and its business remained normal, Future Land said in a filing
to the Hong Kong stock exchange late on Wednesday. No further
details.
    The firm said it had appointed non-executive director Wang
Xiaosong as chairman of the board with immediate effect.
    Shares of Future Land, which has a market value of HK$47.4
billion ($6 billion), plunged as much as 27.3% on Wednesday amid
rumours of the development.
    The stock later trimmed losses to close 23.9% lower in its
biggest daily percentage decline since listing in November 2012.
    Also late on Wednesday, S-Enjoy Service Group Co Ltd
 1755.HK , formerly Xinchengyue Holdings Ltd, said in a separate
statement that Wang Zhenhua, also a non-executive director at
the Property management services firm, had been detained and
that the firm's operations remained normal.
    S-Enjoy's stock ended Wednesday down 23.7%.
    
($1 = 7.7972 Hong Kong dollars)

 (Reporting by Donny Kwok; Editing by Anne Marie Roantree and
Christopher Cushing)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters
Messaging: donny.kwok.reuters.com@reuters.net))