China tycoon questioned by police

State media says Huang Guangyu, China’s second richest man, has been arrested.

china tycoon
Huang Guangyu founded the Gome chain of appliance stores in the 1980s [EPA]

Confirming the arrest, China’s Xinhua news agency said Gome company spokesman He Yangqing would make a statement on Monday, but gave no other details.

Huang set up his home appliances distribution firm with 30,000 yuan ($4,400 at current exchange rates) in the 1980s.

The firm has since become a nationwide, earning Huang the nickname “China’s Sam Walton – a reference to the founder of US retail giant Wal-Mart.

Huang was ranked as China’s second richest man in a list compiled by US business magazine Forbes earlier this year.

Source: News Agencies