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Chinese billionaire Huang Maoru said to be probed
By Zhao Chunzhe (chinadaily.com.cn)
Updated: 2009-12-17 18:02
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A source in Beijing, speaking on the condition of anonymity, alleged Huang Maoru, chairman of Maoye International (00848.HK), a retailing giant in Shenzhen of Guangdong province, was under investigation and may be implicated in the case of the former chairman of Gome Group Huang Guangyu, who was detained for suspected insider trading, Yangtze Evening News reported Thursday.
"But it was hard to tell whether Huang Maoru was detained or arrested," the source added, according to the report.
The stock "Maoye International" ended Tuesday with a drop of 11.23 percent after a 16-percent fall in the middle of the trading session.
The stock was suspended early Wednesday and the suspension was said to be due to the revelations of important trading information, according to an announcement cited in the report by Maoye International, which was endorsed by executive director Wang Guisheng, but not the chairman Huang Maoru.
However, one relative of Huang insisted the Chinese billionaire was abroad and refused to disclose any further information, the report said.
Huang, 43, started business in real estate in 1992 and developed several real estate projects in Shenzhen. Huang and his wife Zhang Jing held 82.68 percent of the "Maoye International" stock. He also operated 19 shopping centers, some office buildings and hotels. Huang was ranked 51st in Forbes China 2009 with assets of 8.19 billion yuan ($1.05 billion).
