US$313 million from Chinese developer disappearsBloombergChina Fortune Land Development Co (華夏幸福) said it has been unable to get hold of a money manager that it gave US$313 million for investment, casting a shadow over the profit outlook of the debt-laden developer. The Beijing-based developer has reported the matter to the local police, it said, adding that it remains unclear how it would affect current and future earnings. As instructed by Wingskengo, Fortune Land transferred US$313 million to China Create Capital for wealth management, the filing said. Fortune Land said it has booked the sum as part of its non-current financial assets, and the fair value has yet to be adjusted. Shanghai-listed shares of Fortune Land were down slightly morning yesterday.

Source: Taipei Times December 16, 2021 17:32 UTC