Posted 10/2/2023, 3:33:45 AM

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

Relevant topic timeline:

8/31/2023

How Evergrande’s downfall signaled China’s property crisis

Borrowing to buy land and using unorthodox strategies to generate funds, China Evergrande Group and its founder, Hui Ka Yan, saw enormous success before facing a messy collapse under the weight of debt, revealing the inner workings of a Chinese property giant and the challenges facing the country's property market.

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.