China Ex-Billionaire Goes Missing, Sparking Rout in Casino Stock
- Landing’s board says it can’t reach chairman Yang Zhihui
- Yang’s plan for a casino in Philippines recently put on hold
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Landing International Development Ltd. shares suffered their biggest weekly plunge ever after the casino operator said Chairman Yang Zhihui was unreachable.
Company officials have been unable to reach Yang since Aug. 23, Landing said in a Hong Kong stock exchange filing Thursday. Caixin reported earlier that Yang is a target of investigators looking into ties with China Huarong Asset Management Co., a state-owned bad-debt manager whose former chairman, Lai Xiaomin, is under investigation for alleged corruption.