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SHANGHAI/HONG KONG (Reuters) – The controlling shareholder and former chairman of Seazen Group , one of China\’s largest property developers, was sentenced on Wednesday to five years in prison after being convicted him of child molestation.
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When Wang Zhenhua was arrested last July, shares in the company and its listed units nosedived. At the time, Seazen Group was China\’s eighth-largest property developer by sales; it has since slipped to 13th place.
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The Putuo District People\’s Court in Shanghai issued the verdict after a two-day closed-door hearing, according to a statement published on its official WeChat account. Five years is the maximum jail term for child molestation.
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Reuters was not able to reach Wang or Seazen Group for comment.
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Wang\’s son, non-executive director Wang Xiaosong, was appointed chairman of Seazen Group\’s board after his father\’s arrest last year. Seazen Group\’s subsidiaries include Seazen Holdings Co Ltd and property management unit S-Enjoy Service Group Co Ltd .
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However, Wang Zhenhua continues to hold about 70% of Seazen Group. The 2020 Hurun Global Rich List in March estimated Wang and his son\’s net worth at around $6.1 billion.
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Seazen sold some of its land parcels shortly after Wang\’s arrest to improve its cash flow amid lenders\’ worries.
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(Reporting by Brenda Goh in Shanghai and Clare Jim in Hong Kong; Editing by Kevin Liffey)
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