Caixin alleges its reputation was hurt

Caixin Media, the leading Chinese business and financial weekly, said on Monday that it has contacted the police and will pursue a defamation claim against a tycoon who it says fabricated and spread rumors to undermine its credibility and harm the reputation of its editor.

Caixin said on its micro blog at noon on Monday that Guo Wengui, the real estate businessman from Henan province, damaged its media credibility and insulted its editor-in-chief, Hu Shuli, by fabricating facts and spreading rumors online.

Guo, 48, who holds a controlling share of Pangu, the Beijing-based real estate development company, posted an open letter via the corporation's micro blog on Sunday night claiming that many media reports involving him were untrue and that Hu had an improper relationship with Li You, former CEO of Founder Group. The open letter was removed from the company's micro blog account later on Monday.