The whereabouts of Fosun’s Guo Guangchanng are again unknown
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
Fosun’s Guo Guangchang Reappears – Then Vanishes Again
Following a weekend of speculation about one of China’s most famous businesses executives, billionaire Guo Guangchang resurfaced briefly Monday but without making clear the status of an investigation that led to his disappearance late last week.
Mr. Guo appeared Monday morning to address a previously scheduled strategy meeting of the Shanghai investment conglomerate he controls, Fosun Group. According to people there, he didn’t publicly address his whereabouts in recent days and didn’t remain at the event until its conclusion. Read more>>
Searching for Ways to Fill China’s Empty Houses
Leaders of the world’s No. 2 economy face a vexing problem: How can they get its people to buy more houses?
China has a surplus of them. The size isn’t clear — economists say official statistics don’t show the depth of the problem. But they generally agree that most Chinese cities are ringed with empty apartment buildings and residential developments with varying degrees of completion, from projects where the ground hasn’t been broken to fully finished apartments waiting for someone to move in. Read more>>
China’s Sovereign Wealth Fund to Open First US Office in New York
The China Investment Corp (CIC), the government’s $747 billion (£493.2 billion) sovereign wealth fund, is shifting its focus to U.S. investments and broader global ambitions as it prepares to move its North American headquarters to New York from Toronto early next year, according to people familiar with the matter.
With its major Canadian investments in the red as energy and mining companies reel from tumbling oil and metal prices, CIC is looking to cut its exposure, and could move to New York as early as March 1, one source said. Read more>>
Dalian Wanda’s $1 Bil Sydney Project Approved
Chinese property development giant Dalian Wanda has received approval for its $1 billion hotel and apartment project at Sydney’s Circular Quay.
The City of Sydney Council unanimously approved Dalian Wanda’s development proposal, which includes a 57-storey 184-apartment residential tower and a 179-room hotel.
The project, located on a 4040 sqm site bounded by 1 Alfred Street, 19-31 Pitt Street and 31A Pitt Street, will include four penthouses. Read more>>
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