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 Broadcast Communications 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 Broadcast Communications.
More InformationREDMOND, Washington: Artificial intelligence is transforming Microsoft's bottom line. The company saved over US$500 million last year...
WASHINGTON, D.C.: A federal rule designed to make it easier for Americans to cancel subscriptions has been blocked by a U.S. appeals...
BASTROP, Texas: In a surprising turn at Elon Musk's X platform, CEO Linda Yaccarino announced she is stepping down, just months after...
NEW YORK CITY, New York: Former British prime minister Rishi Sunak will return to Goldman Sachs in an advisory role, the Wall Street...
LONDON, U.K.: Physically backed gold exchange-traded funds recorded their most significant semi-annual inflow since the first half...
AMSTERDAM, Netherlands: Some 32 percent of global semiconductor production could face climate change-related copper supply disruptions...
(Photo credit: Mark J. Rebilas-Imagn Images) Amazon Prime Video has hired veteran broadcaster Kevin Harlan to call NBA games during...
Ganderbal (Srinagar) [India], July 10 (ANI): The Indian Army launched Radio Kangan 88.4 FM in Wussan, Ganderbal, Central Kashmir, to...
On July 6, an arson attack targeted the East Melbourne Synagogue. It was the latest in a series of antisemitic incidents recorded across...
New Delhi [India], July 9 (ANI): Amid a controversy over the Udaipur Files movie, based on the 2022 murder of tailor Kanhaiya Lal in...
Varanasi (Uttar Pradesh) [India], July 9 (ANI): The Gyanvapi Sangharsh Samiti in Uttar Pradesh's Varanasi, which includes the female...
New Delhi [India], July 9 (ANI): The Delhi High Court on Wednesday directed a special screening of the controversial film 'Udaipur...