TAIPEI, Taiwan (AP) — Police in a southern Chinese city said they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer.
A statement by the Shenzhen police on Saturday said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management (Shenzhen) company under Evergrande Group.”
It was unclear who Du was. Evergrande did not immediately answer questions seeking comment.
Media reports about investors’ protests at the Evergrande headquarters in Shenzhen in 2021 had listed a person called Du Liang as head of the company’s wealth management unit.
Evergrande is the world’s most heavily indebted real estate developer, at the center of a property market crisis that is dragging on China’s economic growth.
The group is undergoing a restructuring plan, including offloading assets, to avoid defaulting on $340 billion in debt.
On Friday, China’s national financial regulator announced it had approved the takeover of the group’s life insurance arm by a new state-owned entity.
A series of debt defaults in China’s sprawling property sector since 2021 have left behind half-finished apartment buildings and disgruntled homebuyers. Observers fear the real estate crisis may further slow the world’s second-largest economy and spill over globally.
2024-12-25 09:572642 view
2024-12-25 09:271899 view
2024-12-25 09:071866 view
2024-12-25 07:532884 view
2024-12-25 07:28447 view
2024-12-25 07:241738 view
A federal judge in Texas rejected the auction sale of Alex Jones’ Infowars to The Onion satirical ne
ALBUQUERQUE, N.M. (AP) — The police department in New Mexico’s largest city opened a new internal in
An East Carolina player became the first Division I player to play a baseball game with a prosthetic