Future Land Development Shares Plunge 14% on Chairman Probe
- Wang Zhenhua is under investigation by Changzhou Committee
- Bond prices plunge a record 10 cents to lowest since July
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Future Land Development Holdings Ltd. shares plunged by the most since July after the company said its chairman and controlling shareholder Wang Zhenhua was being probed by Changzhou city authorities.
In a statement to the Hong Kong stock exchange Friday, the company said the investigation by the Commission of Discipline Inspection of Changzhou city’s Wujin district was of a personal nature and unrelated to company activities. The shares fell as much as 14 percent in Hong Kong, the biggest intraday decline since July 8, and were down 8 percent at 11:15 a.m.