Chinese property billionaire gets 5 years' jail for child molestation

S Enjoy Service

17/06/2020 14:30

SHANGHAI/HONG KONG, June 17 (Reuters) - The controlling
shareholder and former chairman of Seazen Group  1030.HK , one
of China's largest property developers, was sentenced on
Wednesday to five years in prison after being convicted him of
child molestation. 
    When Wang Zhenhua was arrested last July, shares in the
company and its listed units nosedived. At the time, Seazen
Group was China's eighth-largest property developer by sales; it
has since slipped to 13th place.  urn:newsml:reuters.com:*:nL4N2450LK
    The Putuo District People's Court in Shanghai issued the
verdict after a two-day closed-door hearing, according to a
statement published on its official WeChat account. Five years
is the maximum jail term for child molestation. 
    Reuters was not able to reach Wang or Seazen Group for
comment. 
    Wang's son, non-executive director Wang Xiaosong, was
appointed chairman of Seazen Group's board after his father's
arrest last year. Seazen Group's subsidiaries include Seazen
Holdings Co Ltd  601155.SS  and property management unit S-Enjoy
Service Group Co Ltd  1755.HK .
    However, Wang Zhenhua continues to hold about 70% of Seazen
Group. The 2020 Hurun Global Rich List in March estimated Wang
and his son's net worth at around $6.1 billion. 
    Seazen sold some of its land parcels shortly after Wang's
arrest to improve its cash flow amid lenders' worries.
 urn:newsml:reuters.com:*:nL4N24Q0Y8

 (Reporting by Brenda Goh in Shanghai and Clare Jim in Hong
Kong; Editing by Kevin Liffey)
 ((brenda.goh@thomsonreuters.com; +86 (0) 21 2083 0088; Reuters
Messaging: brenda.goh.thomsonreuters.com@reuters.net))