Hui Ka Yan was taken by police earlier this month and is being monitored at a designated location, Bloomberg reports.
on Wednesday, raising fresh doubts over the future of the embattled property developer amid mounting fears of an imminent collapse that would send shockwaves through China’s beleaguered property sector and wider economy.Hui Ka Yan, the chairman of China Evergrande Group, has been placed under police surveillance, according to Bloomberg.
Hui, known as Xu Jiayin in Mandarin, was taken by police earlier this month and is being “monitored at a designated location,” Bloomberg reported, citing unnamed people familiar with the matter.The measure falls beneath thresholds for formal detention or arrest and does not mean he will be charged with a crime.
The process, which should last at most six months, limits Hui’s freedoms—he cannot leave the location or meet or communicate with people without permission—and requires him to surrender any passports and identity cards to the police.Evergrande, which Hui founded in 1996, rode China’s real estate boom and held firm as one of the country’s biggest property developers for decades.
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