Joseph Lau buys into scandal-hit Future Land

Business | Tereza Cai 12 Jul 2019

Billionaire Joseph Lau Luen Hung is said to be buying into Future Land (1030), whose price has slumped after controlling shareholder and former chairman Wang Zhenhua was arrested for child molestation.

Fair Eagle Securities, under Lau, bought 11.99 million shares of Future Land after it plunged by over 15 percent on July 4 below narrowing the decline to 10.57 percent and closing at HK$7.19 and then bought a further 3.68 million shares on July 5.

Future Land (1030) fell 0.14 percent to HK$7.02 yesterday, down 33.52 percent as compared with July 2 before the scandal broke.

In other news, Greentown China (3900) founder Song Weiping has resigned as co-chairman and executive director to devote more time on his other businesses.

Stephen Ng Tin-hoi, chairman and the managing director of The Wharf (Holdings), was appointed as a non-executive director.

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