China’s 17th richest man has gone missing, Latest World News - The New Paper

China’s 17th richest man has gone missing

This article is more than 12 months old

What has happened to Chinese billionaire Guo Guangchang?

The chairman of Fosun International has been uncontactable since Thursday (Dec 10), respected business magazine Caixin reported on its website.

Speculation is rife that he has been detained by police amid the anti-corruption crackdown by China's President Xi Jinping.

He was reportedly last seen being led away by police at a Shanghai airport.

His company suspended trading of its shares in Hong Kong and China after the reports of his disappearance.

Mr Guo, 48, is China’s 17th richest person with a net worth of US$5.6 billion (S$7.9b).

He is a member of the Chinese People’s Political Consultative Conference, a debating chamber that is part of the Communist Party-controlled governmental structure.

The Fosun Group is one of the country’s biggest private companies and its flagship subsidiary, Fosun International, has net assets of 50 billion yuan (S$10.9 billion).

Sources: AFP, Mail Online, BBC

Rich PeopleWealthcorruptionChinaGuo GuangchangFosun