Salem Radio Network News Wednesday, December 6, 2023

Business

China Evergrande’s Chairman Hui is under police surveillance – Bloomberg News

(Reuters) -Hui Ka Yan, the chairman of China Evergrande Group, has been placed under police surveillance, Bloomberg News reported on Wednesday, citing people with knowledge of the matter.

Hui was taken away by police earlier this month and is being monitored at a designated location, the report added, citing sources.

It was not clear why Hui was placed under residential surveillance, Bloomberg News said, adding the move was a type of police action that falls short of formal detention or arrest and does not mean Hui will be charged with a crime.

Reuters could not immediately verify the Bloomberg report. Evergrande did not respond to a Reuters request for comment.

Earlier this month, police in southern China had detained some staff at Evergrande wealth management unit, suggesting a new investigation that could add to the property giant’s woes.

Evergrande is the world’s most indebted property developer and is at the centre 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.

(Reporting by Urvi Dugar in Bengaluru; Editing by Kim Coghill and Jacqueline Wong)

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