China Fortune Land gave $313 million to a wealth manager. Now the developer can't find it
CNN
A Chinese property developer that was once one of the country's largest says it has lost contact with a wealth manager that it gave $313 million. It's just the latest blow to China's embattled real estate sector.
China Fortune Land Development said in a stock exchange filing on Thursday that it entrusted the money to China Create Capital, a company registered in the British Virgin Islands, to invest in fixed-income financial products. It said it expected an annual return of 7% to 10% on its investment.
The Chinese developer says now, though, that it hasn't been able to contact China Create Capital.
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