What action has China Fortune Land taken regarding the missing funds?

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China Fortune Land Has Reported the Matter to Chinese Police

China Fortune Land Development has reported its inability to contact China Create Capital, the money management firm to which it transferred over US$300 million for investment, to the Chinese police. The company stated in a filing to the Shanghai Stock Exchange that it had "lost contact" with China Create Capital after handing over the funds in 2018.
Loss of Contact with Investment Firm

An offshore unit of China Fortune Land Development entered into an agreement in 2018 for wealth management services, with the firm Wingskengo facilitating the arrangement. Subsequently, China Fortune Land Development transferred US$313 million to China Create Capital, a company registered in the British Virgin Islands, for the purpose of purchasing fixed-income products on its behalf. However, the company has since lost contact with China Create Capital.
Police Involvement Initiated

Following the loss of contact and inability to retrieve the invested funds, China Fortune Land Development has taken the step of reporting the matter to the Chinese police. This action indicates the company's attempt to seek official intervention in resolving the situation with the unaccounted-for US$313 million.
Broader Context of Real Estate Sector Struggles

This incident occurs within the context of significant challenges faced by China's heavily indebted property sector. Beijing's regulatory actions targeting excessive leverage have put considerable pressure on developers. For instance, Evergrande, a major real estate developer, is grappling with over US$300 billion in debt and recently defaulted on more than US$1.2 billion of bond debt. China Fortune Land, a comparatively smaller entity, also faced its own financial difficulties, having defaulted on a US$530-million bond in March.

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What action has China Fortune Land taken regarding the missing funds?

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