Chinese developer Future Land says ex-chairman arrested, operations normal

S Enjoy Service

11/07/2019 02:59

HONG KONG, July 11 (Reuters) - Chinese developer Future Land
Development Holdings Ltd  1030.HK  said its controlling
shareholder and former chairman, Wang Zhenhua, had been arrested
following his earlier detention.
    The arrest was approved on July 10 and the case was being
processed, the developer said late on Wednesday, citing security
authorities. 
    Wang no longer held any position at the company and its
operations had not been affected, Future Land said in a
statement.
    China's eighth-largest property developer by sales said last
week that its then-chairman had been detained by police and that
the firm had removed him from his position with immediate
effect, sending its shares into a tailspin.  urn:newsml:reuters.com:*:nL4N2450LK
    Wang was arrested for child molestation, according to a
report on Wednesday by The Global Times newspaper which is
published by the ruling Communist Party's People's Daily.
 urn:newsml:reuters.com:*:nB9N23Q00X 
    Future Land subsidiary Seazen Holdings Co Ltd  601155.SS ,
of which Wang was also chairman, has apologised and said it will
cooperate with authorities.  urn:newsml:reuters.com:*:nL4N2462I8
    Property management unit S-Enjoy Service Group Co Ltd
 1755.HK  said Wang, its ultimate controlling shareholder, did
not hold any position at the company and its operations remained
normal.
    

 (Reporting by Donny Kwok; Editing by Stephen Coates)
 ((donny.kwok@thomsonreuters.com; +852 2843 6470; Reuters
Messaging: donny.kwok.reuters.com@reuters.net))