Billionaire dubbed ‘China’s Warren Buffet’ goes missing as corruption probe widens

A billionaire investor known as “China’s Warren Buffet” has gone missing. Guo Guangchang, boss of Fosun International, has been out of touch since Thursday amid reports that he was last seen with police at an airport in Shanghai. His disappearance is being seen as a sign that an anti-corruption campaign is widening beyond state companies. Trading has been suspended in the Hong Kong shares of Fosun, which has interests spanning insurance, real estate and retail and owns holiday company Club Med.

A lot of companies will be on the investigation list and it will alert all the investors.

Ronald Wan, CEO of investment banking at Partners Capital International

Mr Guo, 48, is one of China’s biggest investors abroad. The Financial Times dubbed him “China’s Warren Buffett” for following the legendary American investor’s approach of using the cash flow from insurance operations to buy other businesses. He has a net worth of $7.8 billion. In August, a court in Shanghai heard he had “inappropriate connections” when he sold two villas to the chairman of a state-owned supermarket chain, Wang Zongnan, who was sentenced to 18 years. Fosun denied any impropriety and said the villas were sold at market prices.

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