Guo Guangchang, the billionaire chairman of Chinese investment company Fosun International, has gone missing, local reports reveal.
His company is an active investor in US real estate, picking up New York's 60-floor 28 Liberty St from JP Morgan Chase for $725M in 2013 in a blockbuster deal. He recently received permission to create 200k SF of new retail space in its basement.
A source told the BBC, "It's very likely he's been asked by the Chinese authorities to cooperate in an investigation. He is not being investigated himself.”
The news comes amid a mass exodus of capital from Chinese shores as wealthy Chinese seek to escape local economic turmoil and stock markets crashing. [Bloomberg]
Update: Guo resurfaced at his company's annual meeting in Shanghai after he was released by authorities early Monday, the BBC reported.
