Hong Kong: The mysterious disappearance from Hong Kong of Xiao Jianhua, a China-born billionaire, has sent a chill through mainland business circles linked to the city, and some are looking to move their assets, say financiers, lawyers and Chinese businessmen.
Hong Kong, a global financial centre, has served as a major hub for Chinese capital since the former British colony returned to Chinese rule in 1997, with a raft of Chinese IPOs and a wealth management industry catering to scores of Chinese millionaires.
But reports that Xiao was abducted from the luxury hotel have helped undermine confidence in the legal autonomy that has underpinned the economy.
Hong Kong police say Xiao crossed the border into China on January 27 through a checkpoint and are still investigating the case.
A source close to Xiao, who holds a Canadian passport, said he is now in an unspecified location in China.
It wasn't possible to contact Xiao's relatives. The Canadian consulate in Hong Kong said they had no further information on the family.
A second source close to Xiao said on Thursday he was still able to get in touch with the tycoon, with "some difficulties". Shortly after his disappearance a local newspaper ad purporting to be from Xiao himself said he hadn't been abducted but was seeking medical treatment "outside the country".
