Chinese real estate billionaire Wang Zhenhua arrested for alleged molestation

Police in Shanghai have formally arrested Chinese real estate billionaire Wang Zhenhua on allegations of child molestation. In a statement released Wednesday, police said they had taken statements from the victim, suspects and witnesses and concluded that Wang's behavior "constituted alleged child molestation." In keeping with local practice, the police statement gave only Wang's surname. Chinese state media had previously identified the main suspect in the case as Wang Zhenhua, the founder of Future Land Development Holdings. His detention by police last week wiped billions of dollars off the value of his real estate companies on the Shanghai and Hong Kong stock exchanges.