The chief of insolvent Guangdong Enterprises (Holdings) (GDE) has had a stroke and is in hospital.
Zhong Guangchao, chairman of GDE and its Hong Kong listed arm Guangdong Investment (GDI) was admitted to hospital on Monday in Foshan city and his chances of recovery are slim, according to a senior GDE official.
His illness would have no impact on GDE's US$5.59 billion debt-restructuring plan, but could have some effect on company morale, the source said.
Shares in GDI dipped after the company announced Mr Zhong was in hospital.
The dip eased later, lifting the counter to last trade at $1.30 yesterday.
Kang Dian, the vice-president of GDE and deputy chairman of GDI, will oversee management of the business group, GDI said in an announcement.
'Whatever assets the Guangdong provincial government has promised to inject, the government will remain committed,' he said.
