Fitch places Future Land on watch

Fitch Ratings said it placed Future Land Development Holdings Ltd.'s long-term foreign- and local-currency issuer default ratings of BB on rating watch negative.

At the same time, the agency placed its subsidiary Seazen Holdings Co., Ltd.'s long-term foreign-currency issuer default rating of BB on rating watch negative.

“The RWN reflects the possibility of a deterioration of both companies' business and financial risk after their chairman and founder, Mr. Wang Zhenhua, was held in criminal custody by Chinese police,” the agency said in a news release.

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