Future Land falls to near 5-month low, co says chairman detained

S Enjoy Service

04/07/2019 03:05

** Shares of Future Land Development Holdings Ltd  1030.HK 
fall as much as 16.7% to HK$6.70, their lowest since Feb. 18,
after the developer says its chairman has been detained
    ** Stock is the biggest percentage decliner in early trade 
    ** The Chinese developer said late on Wednesday its chairman
and executive director Wang Zhenhua has been detained by
mainland police for "personal reasons" and that the Chinese
developer has removed him from his position with immediate
effect  urn:newsml:reuters.com:*:nL4N245046
    ** Shares of Future Land 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 
    ** Property management services firm S-Enjoy Service Group
Co Ltd  1755.HK , in which Wang is also a non-executive
director, falls as much as 16.2% to HK$5.50, the lowest since
Feb. 19
    ** The Hong Kong Hang Seng sub-index tracking property firms
 .HSNP  edges up 0.1%
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.1%, and the benchmark index  .HSI  gains 0.2% 

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)