Evergrande Chairman Under Investigation as Company Struggles with Debt Crisis

Hui Ka Yan, Evergrande's chairman, is being investigated for suspicion of transferring assets offshore as the company struggles to complete projects.
Evergrande said it cannot issue new debt due to an investigation into its main China unit.
The company said its chairman is under police monitoring and suspected of unspecified crimes.
A group of offshore creditors is planning to petition to liquidate Evergrande if no new restructuring plan is submitted by end of October.
With over $300 billion in debt, Evergrande has become symbolic of China's property sector debt crisis.

reuters.com

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