Shares in Landing International Development Ltd closed at HK$3.15 on Friday, having fallen almost 50% in the space of two days last week and forced a halt in trading last Thursday when the company found itself unable to contact majority shareholder Yang Zhihui.
As reported by Inside Asian Gaming late Friday, it was subsequently revealed that Yang had been detained by authorities in Cambodia in relation to previous business dealings with China’s state-owned Huarong International Financial Holdings Ltd, whose former head is being investigated in a graft probe.
Landing’s share price plummeted 35% from HK$5.60 to HK$3.71 in less than two hours last Thursday before trading was halted for the rest of the day. Trading resumed on Friday morning but shares continued their slide following news of Yang’s detention, closing the day at HK$3.15. They had reached a weekly high of HK$6.04 last Tuesday, well down on their annual peak of HK$18.50 in January.
It’s been an eventful month for Landing, which reported strong results at its Korean IR Jeju Shinhwa World following the relocation of Landing Casino to the resort but is yet to learn the fate of its planned US$1.5 billion Philippines project in Manila’s Entertainment City.
The company held a groundbreaking ceremony in Manila on 7 August only for Philippines President Rodrigo Duterte to fire the entire board of Landing’s locao partner and call for an investigation into the land lease deal.
Meanwhile, IAG was told on Friday that Yang had been taken back to China following his detention.
Landing is yet to make any official comment on the situation, with a spokesperson telling IAG only that, “It is confirmed that the company has been unable to contact or reach Mr Yang Zhihui. The company is making attempts to contact Mr Yang.”