The statement doesn't clear whether Wang has been under detention. Meanwhile, Moody's has changed the outlook on Future Land Development to negative from stable on Monday. Earlier on Monday, the company has requested for suspending trade of its shares listed in the Hong Kong and Shanghai Stock Exchange.

The negative outlook represents the uncertainty looming over respective entity's operations. Wang Zhenhua has been reported to provide funding support to the real estate enterprise since long.

Moreover, he has been widely acknowledged as the key decision maker in the company's business strategy and execution of its development business. Hence speculations over his probable detention have spread a negative impact among the investors.

Aged around 53 years, Wang has founded Future Land during 1993 in Changzhou, Jiangsu Province. The company has shifted its headquarters to Shanghai in 2009 in a bid to shift development focus from Changzhou to Shanghai and other nearby large cities.

Future Land Development Holdings Ltd. chairman Wang Zhenhua is going through a probe conducted by Chinese discipline authorities. Wang is the founder and major share holder of the real estate company. Following rumors over his probable detention, its share prices have been slashed by around 14% and stands at the lowest since September 7. In recent days, several business persons, politicians are falling prey to Chinese Premiere's anti corruption drive and Wang appears to be one of them.