Money Manager Vanishes With $313 Million From China Builder
- Fortune Land says it has “lost contact” with money manager
- Company has defaulted on a bond and shares have plunged
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China Fortune Land Development Co. said it has been unable to get hold of a money manager that it gave $313 million for investment, the latest blow for the debt-laden developer.
Fortune Land has “lost contact” with China Create Capital Ltd., a British Virgin Islands-registered firm to which it handed over $313 million in 2018 in hopes of receiving an annual return of 7%-10% through 2022, it said in a filing with the Shanghai bourse late on Wednesday.