Guo Guangchang, the 48 year old Chinese billionaire who was reported missing Thursday, has finally surfaced and confirmed that he was being detained by the police to assist them in an anti- corruption investigation.

His company, Fosun International, said that Guo contacted them and told them he was being detained by the police for questioning.

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Earlier, financial magazine Caixin said that the billionaire has gone missing last Thursday afternoon and that his company staff were unable to reach him.

Fosun International, one of China's largest conglomerates, stopped trading its Hong Kong shares following Guo's disappearance.

The company spokesman said shares will resume trading this Monday.

Guo, who has been described by the local press as China's Warren Buffett, has been reportedly still making decisions for his company despite his detention.

Reports said sources close to the Fosun Group said that it is highly likely that the Chinese authorities are asking him to help them in a corruption investigation. The source also said that it is possible that he is not being investigated himself.

"Guo is one of the high-profile Chinese entrepreneurs and this incident will raise eyebrows among foreign regulators, as Fosun has been aggressively expanding its global insurance footprint. But it is too early to say how this incident will impact Fosun's operations," Sally Yim, senior credit officer at Moody's Investors Service, said.

Guo's empire spans  across the world and includes interests in media, real estate, retail, insurance and entertainment.

Forbes Magazine has estimated his fortune at $7billion.

TagsWarren Buffett, Fosun International, police detention, Fosun Group, Moody's Investors Service, MEDIA, real estate, Insurance, Entertainment