Guo Guangchang Detained by Police

Chinese tycoon Guo Guangchang, who was previously reported to be missing, has been detained by police.

Guo Guangchang’s company, Fosun International, confirmed on December 11 that he was assisting authorities with an investigation.

The confirmation followed reports that he had gone missing.

Financial magazine Caixin said that staff at Fosun had been unable to contact Guo Guangchang since Thursday afternoon, December 10.

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Fosun, one of China’s biggest private conglomerates, halted trading of its Hong Kong shares following the reports.

The company said that its shares would resume trading on December 14.

Fosun said that Guo Guangchang, 48, who has been described as China’s Warren Buffett, was still able to be involved in major decisions.

It was not clear why police had detained him.

Guo Guangchang was linked to a corruption court case in August.

Fosun Group has interests spanning media, insurance, real estate and retail. It recently took control of French holiday group Club Med.

Fosun International, the parent company of Shanghai-based Fosun Group, was listed in Hong Kong in 2007.

Guo Guangchang launched Fosun with a group of fellow students in 1992.

Headquartered in Shanghai, the company’s initial success came from pharmaceutical and real estate investments.

Forsun’s business interests and investments now include insurance, industrial operations, real estate and asset management, among others.

After nearly two years of takeover efforts, Fosun finally clinched control of the French holiday group Club Mediterranee in February.

Today, the conglomerate has a wide range of international investments including Greek fashion brand Folli Follie and the Chase Manhattan building in New York.

Fosun International posted a 24% rise in profit for the year to December 2014 to 6.8 billion yuan ($1.1 billion).