Wanda shares tumble on rumours of chairman's detention

Shanghai

SHARES in Chinese conglomerate Wanda's hotel chain plunged nearly 10 per cent in Hong Kong on Monday despite the firm dismissing as false reports that chairman Wang Jianlin had been barred from leaving the country and detained for hours.

Wanda and other Chinese conglomerates that made a succession of multi-billion-dollar overseas investments in recent years have been under official scrutiny for months as Beijing clamps down on capital flight and skyrocketing debt.