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
Follow your favourite topic and get notified
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
