Chinese real estate empire lost $5B in value

    Chinese real estate empire lost $5B in value

    Hong Kong (CNN Business)Billions of dollars were wiped off the value of a Shanghai real estate empire this week after its founder was detained by Chinese police, reportedly on suspicion of child molestation.

    Billionaire Wang Zhenhua, who founded Future Land Development Holdings in 1996, was detained earlier this week on suspicion of having molested a minor in a Shanghai hotel, Chinese state media reported.
    Future Land, which is known in China by the name of its subsidiary Seazen Holdings, issued an open letter in Chinese Friday in which it apologized for its founder’s reported behavior and the “great suffering” he had caused the alleged victim and her family.


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