Future Land’s shares and bonds sank for a second day, with some analysts warning that Wang’s detention may restrict his companies’ access to funding.
Police in Putuo said in a social media post that they were holding two individuals for suspected molestation of a minor, identifying one of the suspects as a 57-year-old with the surname Wang. The police didn’t provide further details on the suspects’ identities. The developer, a constituent of MSCI Inc’s global indexes, has a market value of about US$5.3 billion and owns more than 100 shopping malls in China. It reported revenue of US54.8 billion yuan in 2018 and had about 83 billion yuan of debt as of Dec 31, 27 billion yuan of which was due within a year, according to its annual report.
While investors will probably remain cautious toward the company in the near term, Wang’s detention is likely to have a small impact on Future Land’s operations and sales, JPMorgan Chase & Co analysts wrote in a research report.
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