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China New Town shares dive

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Published Wed, Jun 10, 2015 · 09:50 PM

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Plunge

Singapore

SHARES of China New Town Development Company (CNTD) dived in heavy trading in Singapore and Hong Kong on Wednesday following news that a substantial shareholder is held under custody by the local authorities in China.

The group had on Tuesday night disclosed that its executive director and vice-chairman Shi Jian has been required by the PRC Changzhou Procuratorate to remain under "custody in designated residence".

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