Hui Ka Yan, chairman of China Evergrande, has been moved to a special detention center in Shenzhen amid the country's property sector crisis, sources said.
NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China 's Jiangsu province, Aug 18, 2023. — the company at the center of the country's property sector crisis — has been moved to a special detention center in Shenzhen , two sources with knowledge of the matter said.
Hui, who was once China's richest man, is not known to have been formally charged with any crimes and it is unclear how long he will remain in detention or whether he will be tried or set free. He was transferred to Shenzhen a few months ago to allow him to more easily communicate with top Evergrande executives, said the second source. Evergrande is headquartered in the neighboring southern city of Guangzhou and its wealth management unit is based in Shenzhen.China's Ministry of Public Security and the Shenzhen municipal government did not respond to Reuters requests for comment, nor did Hengda Real Estate, Evergrande's main unit.
In March, a regulatory probe found an Evergrande unit had inflated revenue by 564 billion yuan during 2019-2020 and issued bonds based on falsified statements.
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