China tycoon questioned by police | News | Al Jazeera

China tycoon questioned by police

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

    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: Agencies


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