Exile, jail, abduction - the hazardous lives of China's rich
Beijing
THE mysterious case of a billionaire who went missing from Hong Kong last week, reportedly abducted by mainland security agents, has underscored the precarious lives of China's ultra rich.
Local media said that financier Xiao Jianhua was last seen at his apartment in Hong Kong's Four Seasons hotel and is under investigation in connection with China's 2015 stocks crash.
There is no shortage of examples of other tycoons who have met a similar fate in a country that has the largest number of billionaires in the world - 594, according to the latest ranking of the magazine Hurun.
In China, company chiefs need the backing of the Communist Party to get rich, but they also need it …
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Blinken to meet businesses in Shanghai as he kicks off a tough China trip
Indonesia’s central bank surprises with ‘pre-emptive’ rate hike to cushion falling rupiah
South Korea’s economic growth beats forecast as exports rise
China 2024 growth outlook raised to 4.8%, deflation risk lingers
Luxury sector outlook clouded by China’s slow recovery
‘We aren’t going anywhere’: TikTok CEO expects to defeat US restrictions