Police in a southern Chinese city say they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer.
FILE - A woman walks past a map showing Evergrande development projects in China, at an Evergrande city plaza in Beijing on Sept. 21, 2021. Police in a southern Chinese city said on Saturday, Sept 17, 2023 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 company under Evergrande Group.”Media reports abouthad 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.$340 billion in debtOn 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. Copyright 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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