China Yuanbang shares down 14.7% after chairman quits

Beijing

CHINA Yuanbang Property Holdings Ltd fell by the most in more than two weeks in Singapore trading after saying its chairman is being investigated by Chinese authorities and has resigned.

The shares fell 14.7 per cent, the most since Jan 7, to S$0.058 at the close of Monday trading. Its chairman Chen Jianfeng was taken into custody due to private matters unrelated to the company, according to an exchange filing on Monday. Chen has been staying at a residence designated by prosecutors in the southern Chinese city of Shenzhen, the filing said.