Future Land Development bond prices tumbled on Monday after the Chinese property developer said its chairman and controlling shareholder, Wang Zhenhua, was being investigated by the country's authorities.
With investors increasingly on alert as Beijing's anti-corruption probe broadens out, Future Land's 2019 bonds sank more than 10 points to 98.653, sending yields surging to 10.722% in late Asian trade from Friday's close of 7.358%, according to data compiled by Bloomberg.
The Jiangsu-based company’s outstanding 2017 and 2018 also took a hit, while its share price ended down 4% in Hong Kong once trading resumed following Friday's suspension. The shares fell by as much as 14%...
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