The company didn't elaborate on the crimes that Hui was suspected of.
Evergrande is the world’s most heavily indebted real estate developer and is 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
Shares of Evergrande closed at 32 Hong Kong cents on Wednesday. The company had resumed trading on
Last week, Evergrande said in a filing that it had to delay a proposed debt restructuring meeting with creditors as “sales of the group have not been as expected by the company.”
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.
Earlier in September, police in
Evergrande ran short of cash after
A series of debt defaults in China’s sprawling property sector since 2021 has 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.
In August, Evergrande applied for Chapter 15 bankruptcy protection filing in
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