Salem Radio Network News Thursday, September 28, 2023


Chinese police detain wealth management staff at developer Evergrande


( ) -v-34- UNDATED (Correspondent Jeremy House) “std.”

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. Correspondent Jeremy House has more on the story.

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VERBATIM: 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. A statement by the Shenzhen police said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management company under Evergrande Group.” It’s unclear who Du is. Evergrande is undergoing a restructuring plan, including offloading assets, to avoid defaulting on $340 billion in debt.

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