He Xiangjian, the founder of the world’s biggest appliance manufacturer, Midea Group, and his family have been rescued by police after intruders broke into their home and took them hostage.
The kidnap occurred in Foshan City of Guangdong at about 5.30pm Monday, where intruders armed with explosives allegedly broke in on Sunday evening.
Police were notified of the break-in at his luxury villa by his son reportedly who sneaked out of the property and swam across a nearby river to seek help.
The Foshan police also issued a statement, saying that they had arrested five suspects following a kidnap attempt.
The upmarket residential golf resort has 24-hour manned security booths at the main gate and various checkpoints, while He reportedly has his own security guard, according to South China Morning Post.
Neighbours and a property agent said they were shocked the incident had occurred in such a well-guarded area.
Hong Kong media reports that the five intruders are not kidnappers or terrorists, they are suppliers of electric parts to Media Group that have failed many times to pay them in time and tried many ways to give them trouble.
He Xiangjian is one of China’s richest, yet most low-key billionaires.
He is worth an estimated $24.8bn and is the sixth richest person in China, according to the Forbes Rich List, which ranks him 36th richest person in the world.
He built Midea from scratch in 1968, when he was 26.
By Winnie Troppie