REPORT: 'China's Warren Buffett' is missing

The billionaire chairman of China's Fosun Group is "unreachable", according to respected Chinese finance magazine Caixin.

48-year-old Guo Guangchang, known as "China's Warren Buffett", is worth an estimated $7.3 billion. His investment group, Fosun, owns Club Med and Cirque du Soleil among others.

Bloomberg reports that Fosun's CEO said over text message that the company is "handling" the situation.

It's not yet clear what any of this is about but Guangchang was named in a Chinese corruption case back in August. Wall Street Journal reports that Guangchang was accused of granting favors to an executive of a Chinese state-owned company 12 years ago in exchange for unspecified benefits.

Caixin says it's unclear whether Guangchang is being investigated or assisting an investigation.

We'll bring you more on this story as it develops.

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