Probe sends Future Land bonds tumbling

Share price falls, bond yields surge as property developer tries to soothe investor concerns over investigation into its boss.

Probe sends Future Land bonds tumbling

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.

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