TAIPEI, Taiwan (AP) — Police in a southern Chinese city said they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer. A statement by the Shenzhen police on Saturday said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management (Shenzhen) company under Evergrande Group.” It was unclear who Du was. Evergrande did not immediately answer questions seeking
TAIPEI, Taiwan — Police in a southern Chinese city said they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer.
A statement by the Shenzhen police on Saturday said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management company under Evergrande Group.”Media reports abouthad listed a person called Du Liang as head of the company’s wealth management unit.
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.$340 billion in debtOn Friday, China’s national financial regulator announced it had approved the takeover of the group’s life insurance arm by a new state-owned entity.
A series of debt defaults in China’s sprawling property sector since 2021 have left behind half-finished apartment buildings and disgruntled homebuyers. Observers fear the real estate crisis may further slow the world’s second-largest economy and spill over globally.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Chinese Police Detain Some Staff of Evergrande Wealth Unit(Bloomberg) -- Chinese authorities detained some staff of China Evergrande Group’s money management business, a sign that the saga around the defaulted developer at the heart of the nation’s property crisis has entered a new phase involving the criminal justice system.Most Read from BloombergUltra-Rich Buy Ultra-Luxury Counseling to Get Kids Into HarvardDisney Talks on ABC Sale Heat Up as Byron Allen Makes OfferCanada Postpones Trade Mission to India With Tensions On RiseMGM Resorts Hackers Brok
Read more »
China police detain some Evergrande wealth management staffBEIJING (Reuters) - Police in southern China have detained some staff at China Evergrande Group's wealth management unit, suggesting a new ...
Read more »
Oil set to rise for a third straight week on strong Chinese economic dataBrent crude futures rose 65 cents to $94.35 a barrel as of 0630 GMT, while U.S. West Texas Intermediate crude was up 67 cents at $90.83
Read more »
Philippines Sees Resurgence of Chinese Ships in Disputed WatersThe Philippine armed forces said it’s doubling efforts on maritime surveillance after detecting a “resurgence” of Chinese vessels around the West Philippine Sea.
Read more »
Troubled Shadow Bank Zhongrong Gets Help From China State GiantsAn embattled Chinese shadow bank has taken a step closer to receiving potential state-led assistance, entering a partnership agreement with two of the nation’s biggest financial firms.
Read more »
EU’s Gentiloni Plays Down Risk of China Retaliation on EV ProbeThe European Union downplayed the potential of a harsh Chinese response to the bloc’s investigation of electric-vehicle subsidies.
Read more »