Voice of America
17 Sep 2023, 13:05 GMT+10
BEIJING - Police in southern China have detained some staff at China Evergrande Group's wealth management unit, suggesting a new investigation that could add to the property giant's woes.
'Recently, public security organs took criminal compulsory measures against Du [Liang] and other suspected criminals at Evergrande Financial Wealth Management Co.,' Shenzhen city police said in a social media statement Saturday night.
During protests by disgruntled investors at Evergrande's Shenzhen headquarters in 2021, Du Liang was identified by staff as general manager and legal representative of Evergrande's wealth management division.
Reuters could not confirm that Du was among those detained, and the police statement did not specify the number of people detained, the charges or the date they were taken into custody.
China Evergrande did not immediately respond to a request for comment on Sunday outside of normal business hours.
The police said the investigation into the financial management unit was ongoing and urged investors to report any further financial crimes.
China Evergrande 3333.HK, the world's most indebted property developer, is at the center of a crisis in China's property sector, which has seen a string of debt defaults since late 2021 that has dragged on the growth of the world's second-largest economy.
The group, currently undergoing a protracted debt restructuring which has seen it offload a range of assets, said Friday it has delayed making a decision on offshore debt restructuring from September to next month.
Trade in Evergrande's stock was suspended for 17 months until Aug. 28.
Moody's on Thursday cut the outlook on China's property sector to negative from stable, citing economic challenges it said would dampen sales despite government support.
Get a daily dose of Entertainment Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Entertainment Sun.
More InformationEVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
DUBLIN, Ireland: Post-tax profits at Ballymaloe Cookery School rose by 53 percent in 2024 to 135,952 euros, helped by the buzz around...
(New York) - China's government has erased Hong Kong's freedoms since imposing the draconian National Security Law on June 30, 2020,...
Dharamshala (Himachal Pradesh) [India], July 2 (ANI): Ahead of the Dalai Lama's 90th birthday celebration, the Tibetan Buddhist oracle,...
Bengaluru (Karnataka) [India], July 2 (ANI): In response to four heart attack deaths within 24 hours in Karnataka's Hassan district,...
New Delhi [India], July 2 (ANI): Lieutenant Governor of Delhi, Vinai Kumar Saxena, hailed the Rekha starrer 'Umrao Jaan' after watching...
Mumbai (Maharashtra) [India], July 1 (ANI): Ahead of the release of Anupam Kher's directorial 'Tanvi The Great', Oscar-winning sound...