Wang Zhenhua, chairman and executive director of Future Land Development Holdings Limited, during a press event in Hong Kong on 27 February 2017. Photo: SCMP/Edward Wong
Future Land’s shares make their biggest one-day plunge since 2012 Hong Kong IPO, wiping out US$1.9 billion after founder’s arrest
- Wang Zhenhua, the founder of Future Land, was arrested in Shanghai, according to Chinese media, citing the city’s police
- Shares of his Hong Kong-listed company plunged 23.9 per cent while his Shanghai-listed stock rose as trading ended before news of his arrest broke
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China property
Wang Zhenhua, chairman and executive director of Future Land Development Holdings Limited, during a press event in Hong Kong on 27 February 2017. Photo: SCMP/Edward Wong