Billionaire Li detained in Xiamen

Li Baohua, chairwoman of a real estate investment group in Xiamen, Fujian province, has been detained by the local public security bureau on suspicion of obtaining funds illegally, the bureau told China Daily on Wednesday.

The 36-year-old billionaire is being investigated for allegedly disappearing with a vast sum after deceiving investors.

The bureau has received complaints from more than 10 creditors since July 2011 alleging that Li vanished after receiving a large amount of money, which she did not repay, said a bureau spokesman surnamed Ma.