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China: Police detain billionaire Guo Guangchang

  • Chinese billionaire and high-profile entrepreneur Guo Guangchang has been detained by the police, reports say.

    His firm, Fosun International, confirmed that he was assisting authorities with a probe.

    Fosun, one of the biggest private conglomerates in the country, has temporarily halted trading of its Hong Kong shares, but it said trading would resume on Monday.

    Guangchang, 48, one of China’s richest men, was linked to a corruption case in August, but it is not immediately clear why he has been detained now.

     

     

    Tagged as: Chinese billionaire, Chinese entrepreneur, Guo Guangchang, Fosun International, Hong Kong shares, corruption, business news