China developer Seazen issues apology after chairman arrested

FILE PHOTO: Future Land Development Holdings Ltd Chairman Wang Zhenhua attends an event marking the company's 25th founding anniversary in Changzhou, Jiangsu province, China July 7, 2018. REUTERS/Stringer

BEIJING (Reuters) - China's Seazen Holdings Co Ltd issued an apology on Friday, days after media reported its chairman was arrested for suspected child molestation, news of which sent shares in the property developer and its parent firm, Future Land, plunging.

Police in the city of Shanghai detained Wang Zhenhua, 57, on Monday on suspicion of molesting a minor girl, according to Chinese state broadcaster CCTV.