July 11, 2019 / 2:01 AM / in 6 days

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

HONG KONG, July 11 (Reuters) - Chinese developer Future Land Development Holdings Ltd 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.

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.

Future Land subsidiary Seazen Holdings Co Ltd, of which Wang was also chairman, has apologised and said it will cooperate with authorities.

Property management unit S-Enjoy Service Group Co Ltd 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

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