It is the latest crackdown on mainland China’s shadow banking system, continuing years of government efforts to clean up the sector.
Police have imposed “criminal compulsory measures” against Yu and were conducting a probe into his alleged wrongdoings, Haichang, mainland China’s largest marine theme park operator, said in an exchange filing on Tuesday, adding that it had been notified by Yu’s family about the matter.
The development comes just six months after Sunriver Holding Group, which is controlled by the billionaire, spent HK$2.3 billion (US$295.7 million) to buy a 39 per cent stake in Haichang.
Sunriver Holding also has two Shanghai-listed subsidiaries – Sunriver Culture Tourism and Anhui Gourgen Traffic Construction. Both companies released statements confirming Yu’s detention.
