Updated: Guo Guangchang, billionaire chairman of private investment group Fosun, been detained by police in China, according to reports.
Fosun has confirmed that Guo, who models himself on Warren Buffett, is assisting the authorities with an investigation.
It follows reports that he had gone missing yesterday which raised speculation be had been caught up in China’ corruption crackdown.
The reports led to a suspension in trading of Fosun’s shares, which are expected to resume trading on Monday.
The news was first reported by China’s Caixin magazine, citing anonymous sources, and it has since followed up the story citing social media posts claiming Guo was seen being led away by police at Shanghai airport.
Guo’s own Weibo account – a Chinese equivalent of Twitter – has been wiped.
Fosun invests in a range of sectors, including real estate.
The company completed its debut UK real estate deal in 2013 and has since followed the acquisition up with an investment in Resolution Property, alongside which it plans to invest in value add opportunities across Europe.
