The Real Deal New York

Case of the missing Fosun chair solved: reports

Guo Guangchang detained by Chinese authorities, reportedly "not being investigated"

December 11, 2015 02:30PM

Guo Guangchang

Guo Guangchang

The mystery over Fosun International chair Guo Guangchang’s whereabouts appears to have been resolved for the time being, with the billionaire detained by Chinese authorities to assist with an investigation.

Reports on Thursday claimed that the billionaire – whose company’s New York real estate assets include 28 Liberty Street in the Financial District – was “unreachable” and had gone missing.

The news led to Fosun, one of China’s largest private conglomerates, to halt trading of its stock in Hong Kong, according to the BBC.

But Fosun shares are set to resume trading on Monday, with the Chinese company confirming that the 48-year-old executive is still able to be involved in major company decisions.

It remains unclear why authorities detained Guo, though a Fosun source told the BBC it is likely he had been asked to co-operate in an investigation. “[Guo] is not being investigated himself,” the source added.

The billionaire was linked to a corruption court case in August, with Chinese President Xi Jinping having made a crackdown on alleged corruption and “gifting.”

With a net worth estimated at nearly $7 billion, Guo is known as “China’s Warren Buffett” for following the American business magnate’s philosophy of pursuing insurance companies as a base for his investments.

Fosun’s New York real estate investments include the 60-story, 2.2 million-square-foot office tower at 28 Liberty Street, which it acquired from JPMorgan Chase for $725 million in 2013. [BBC]Rey Mashayekhi