China Real Estate Developer's Fortune Plunges $2 Billion After Detention

Posted by Staff Reporter on Jul 24, 2019 02:36 AM EDT
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China Real Estate Developer's Fortune Plunges $2 Billion After Detention (Photo : GETTY IMAGES)

One of China's richest real developers has lost $2 billion of his fortune in the past two days following the word of his detention in Shanghai. Wang Zhenhua was removed as chairman of Future Land Development Holdings after he was held by a district public security bureau "in criminal custody for personal reasons," according to a statement on Wednesday by Future Land Development Holdings.

The company "is of the view that the criminal custody of Mr. Wang is not related to the operations of the Group, which remain normal," Future Land said.

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