Future Land Development (1030) announced that Wang Zhenhua shall be removed from the position as the Chairman of the Board. The position is taken over by Wang Zhenhua’s son Wang Xiaosong, a non-executive director of the company. 

The announcement stated that the company has received a notice that Wang Zhenhua is currently being held in criminal custody for personal reasons. In view of the circumstances, the board is of the view that Wang is currently unable to perform his duties as the chairman of the company, and has resolved that he shall be removed from the said position. The board also appointed Wang Xiaosong, a non-executive director of the company, as the succeeding chairman of the board with immediate effect. The custody of Wong is not related to any operational matter of the company. Business remains normal. 

People familiar with the matter yesterday told Xinmin Evening News, a Mainland Chinese media, that the chairman of Future Land Holdings was accused of sexually assaulting a 9 years old girl, and was detained in Shanghai since 1 July. According to the report, the incident happened on 29 June, where a 49 years old woman identified with her surname Zhou brought 2 girls aged 9 and 12 to a five-star hotel in Shanghai. The girl called her mother after the incident and she filed a police report on Sunday. A hospital check-up revealed that the child had suffered injuries at her genital area. Wang reportedly paid Zhou RMB 10,000 in cash after assaulting the girl.