The billionaire boss of beleaguered Chinese property developer Evergrande is being held by police, Bloomberg reported Wednesday, as the debt-ridden company continues to grapple with severe financial troubles. The company's property arm this week missed a key debt payment due, and Chinese financial website Caixin reported that former executives at the firm had been detained. pfc-oho/je/sco
Xu Jiayin is being held under 'residential surveillance'. Photo: STR / AFP/FileHave you recorded a funny video or filmed the moment of fame, cool dance, or something bizarre?The billionaire boss of beleaguered Chinese property developer Evergrande is being held by police, Bloomberg reported Wednesday, as the debt-ridden company continues to grapple with severe financial troubles.
Xu Jiayin, who is also known as Hui Ka Yan in Cantonese, was taken away by authorities earlier this month and is now being held, according to anonymous sources cited by Bloomberg. He is being held under"residential surveillance", the report said, which does not mean he has been arrested or charged with a crime.
Evergrande's enormous debt has contributed to the country's deepening property market crisis, raising fears of a global spillover. The company's property arm this week missed a key debt payment due, and Chinese financial website Caixin reported that former executives at the firm had been detained.Sign up
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Evergrande shares sink after restructuring plan scrappedShares in embattled Chinese property developer Evergrande plummeted Monday, following the announcement that it would be unable to carry out a restructuring plan intended to guarantee its survival.
Read more »
Real Madrid 'Choose' Next Boss After AncelottiReal Madrid have reportedly already decided who they want as their next manager when Carlo Ancelotti's contract expires at the end of the season.
Read more »
Al Ahly Boss 'Responds' To Big-Money Saudi OffersAl Ahly boss Marcel Koller has reportedly made a decision on whether or not he would like to trade coaching Percy Tau for the likes of Neymar, with Saudi Pro League giants Al Hilal believed to be interested in his services.
Read more »
Rwanda: Former Cooperative Agency Boss to Be Arraigned on September 27The Nyarugenge Primary Court on Wednesday, September 27, is scheduled to commence the pre-detention hearing in the case of Jean-Bosco Harelimana, the former boss of the Rwanda Cooperatives Agency (RCA).
Read more »
Springbok scrum boss demands improvement against Tonga's 'hell of a pack'Springbok scrum coach Daan Human said their set-piece will improve for a massive Tonga pack on Sunday, even though he hinted that they were hard done by in the scrum in their 13-8 loss to Ireland in Paris last week.
Read more »