Dec 17, 2021 04:57 AM

FINANCE

Money Management Firm Vanishes With $313 Million From China Builder

(Bloomberg) — China Fortune Land Development Co. has been unable to reach a money manager to which it gave $313 million for investment, the debt-laden developer said.

Fortune Land “lost contact” with China Create Capital Ltd., a British Virgin Islands-registered firm that it gave the money to in 2018 in hopes of receiving an annual return of 7%–10% through 2022, it said late Wednesday in a filing with the Shanghai bourse.

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