$5 billion wiped off Chinese real estate mogul’s empire following sexual assault allegations

The detainment of a Chinese real estate mogul has seen billions of {dollars} wiped off the worth of his real estate empire in Shanghai.

Billionaire Wang Zhenhua, who based Future Land Development Holdings in 1996, was detained at present after a lady alleged he had sexually assaulted her nine-year-old daughter in a lodge on June 29.

According to the South China Morning Post, China’s high political physique accountable for regulation and order claimed he “took children as his playthings” and vowed to deliver him to justice.

“Wang, who’s a profitable businessman, a philanthropist, a nationwide mannequin employee, took youngsters as his plaything. This is so soiled and obscene,” the Central Political and Legal Affairs Commission alleged on social media.

Shanghai police stated in an announcement that they’d detained a 57-year-old man, recognized solely by his surname, for alleged youngster molestation in a neighborhood lodge.

“At 9pm on July 3, Shanghai police issued a briefing on its official Weibo account. From that, it has been confirmed by the police that Wang Zhenhua, the de facto controller of Seazen Holdings, is suspected of molesting a lady,” a Chinese state-run information company reported on Thursday.

Wang has not been formally charged or arrested however is being held underneath legal detention.

Furue Land stated in an announcement it had eliminated Wang as chairman. Its shares plunged by 36 per cent on the Hong Kong inventory alternate between Wednesday and Friday final week, which shares in S-Enjoy Service Group — a firm by which Wang has a 73 per cent stake — crashed 41 per cent over the identical interval.

According to police, a lady — recognized solely by her surname Zhou — has additionally been detained in relation with the case. She allegedly took the youngster to the lodge in Shanghai from her residence in neighbouring Jiangsu province.

Another firm arrange and chaired by Wang, Seazen Holdings, stated it was “deeply worried, shocked and upset that it was our founder who started this storm”.

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