The billionaire boss of beleaguered Chinese property developer China Evergrande is being held by police, a report said Wednesday, as the debt-ridden company grapples with severe financial difficulties. Calls by AFP to Evergrande offices in Hong Kong and mainland China went unanswered and the company did not respond to a request for comment.
The billionaire boss of beleaguered Chinese property developer China Evergrande is being held by police, a report said Wednesday, as the debt-ridden company grapples with severe financial difficulties.
Privately run pro-government Chinese outlet Guancha also said informed sources had confirmed the report. Evergrande stocks in Hong Kong fell precipitously on Wednesday afternoon following a moderate rise in morning trading, closing the day 19 percent down. On Sunday evening, Evergrande said it was unable to issue new debt as its subsidiary, Hengda Real Estate Group, was being investigated.
But the massive debt accrued by the industry's biggest players has been seen by Beijing in recent years as an unacceptable risk for the financial system and overall economic health.
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