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Posted 9/27/2023, 4:02:27 AM

Evergrande Chairman Under Police Surveillance Amid Debt Crisis

Evergrande chairman Hui Ka Yan reportedly placed under police surveillance according to Bloomberg News.
Reason for surveillance unclear, but does not necessarily mean Hui will be charged.
News adds pressure on embattled Evergrande, already in debt crisis.
Evergrande missed bond payments, said cannot issue new bonds due to investigation.
Some creditors may join liquidation petition if no new debt plan by October.

reuters.com

Relevant topic timeline:

9/17/2023

Police in China Detain Evergrande Wealth Management Staff Amid Ongoing Investigation into Troubled Property Giant

Chinese police have detained some staff at China Evergrande Group's wealth management unit, potentially adding to the property giant's troubles as it undergoes a debt restructuring and faces a crisis in China's property sector.

9/28/2023

Evergrande Shares Suspended, Founder Under Police Watch Amid Deepening Debt Crisis

Trading in shares of China Evergrande has been suspended after reports that the chairman has been placed under police surveillance, raising concerns about the developer's future as it struggles with growing debt and a possible liquidation.

9/28/2023

Evergrande Founder Hui Ka Yan Under Investigation Amid Company's Financial Troubles

China Evergrande Group's founder, Hui Ka Yan, is under investigation for suspected "illegal crimes," raising concerns among creditors about the company's future as it faces a debt revamp plan and liquidation risk. The investigation marks the first indication that authorities could hold the billionaire accountable for Evergrande's financial troubles, which have had a significant impact on China's property sector and economy as a whole. The investigation has disrupted the hopes of successful restructuring and has increased the likelihood of liquidation.

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