Agile shares plunge in Hong Kong after its chairman's detention

Hong Kong (Reuters) - Shares of Chinese developer Agile Property Holdings Ltd plunged more than 20 per cent on Monday after the company said its chairman had been detained.

Agile said in a statement on Friday evening chairman Chen Zhuo Lin had been required by the Kunming City prosecutor "to stay at a designated residence" since the evening of Sept 30.

By 0136 GMT, its shares traded at HK$3.70, while the Hang Seng Index was down 0.6 per cent. The shares resumed trading after their suspension on Oct 3.

The Guangzhou-based property developer, which has projects in at least 17 Chinese cities, shelved plans on Friday for a HK$2.75 billion (S$450 million) rights issue, driving many analysts to question the firm's ability to repay some of its loans.