Police Detain Evergrande Wealth Management Staff Amid Ongoing Debt Crisis and Regulatory Scrutiny

Police in China detained staff at Evergrande's wealth management unit, suggesting a new investigation.
The police statement did not specify the number of people detained, the charges, or the date of detention.
Evergrande is undergoing debt restructuring and has delayed offshore debt decisions to next month.
Evergrande stock trading was suspended for 17 months until late August 2022.
Moody's cut the outlook on China's property sector to negative, citing economic challenges.

reuters.com

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9/27/2023

Evergrande Chairman Under Police Surveillance Amid Debt Crisis

The chairman of China Evergrande Group, Hui Ka Yan, has been placed under police surveillance amid the company's worsening financial situation and regulatory investigation.