Voice of America
18 Sep 2023, 00:35 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 InformationWASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
Mumbai (Maharashtra) [India], July 6 (ANI): The tragic Air India crash in Ahmedabad last month has left many shaken, including actor...
Rio de Janeiro [Brazil], July 6 (ANI): BRICS member nations have called on advanced economies and the international financial system...
Mumbai (Maharashtra) [India], July 6 (ANI): Bollywood actor Ranveer Singh turned 40, and wishes poured in from fans and celebrities...
Rio de Janeiro [Brazil], July 6 (ANI): The Finance Ministers and Central Bank Governors (FMCBG) of the BRICS nations have voiced 'serious...
New Delhi [India], July 6 (ANI): The 1023rd meeting of the Academic Council (AC), University of Delhi was held under the chairmanship...
Washington DC [US], July 6 (ANI): Actress and comedian Molly Shannon, who was a Saturday Night Live cast member from 1995 to 2001,...