News

Police Detain Staff at China Evergrande Group’s Wealth Management Unit

1 Mins read

Police in a southern Chinese city have detained several staff members at China Evergrande Group’s wealth management unit, adding to the troubles of the heavily indebted developer.

According to a statement from Shenzhen police on Saturday, they have taken “criminal coercive measures” against suspects, including one named Du, who are associated with the financial wealth management company under Evergrande Group. The specific identity of Du remains unclear, and Evergrande has not yet provided any comments or clarification on the matter.

Earlier reports had mentioned a person named Du Liang as the head of Evergrande’s wealth management unit, revealing investor protests at the company’s headquarters in Shenzhen in 2021.

Evergrande, currently the world’s most heavily indebted real estate developer, is at the center of a property market crisis that is adversely impacting China’s economic growth. In an effort to avoid defaulting on its massive $340 billion debt, the group is undergoing a restructuring plan that involves selling off assets.

Recently, China’s national financial regulator approved the takeover of Evergrande’s life insurance arm by a new state-owned entity for further stabilization.

The series of debt defaults in China’s expansive property sector since 2021 has resulted in numerous unfinished apartment buildings and discontented homebuyers. There are growing concerns that this real estate crisis may further weaken the world’s second-largest economy and have global repercussions.

Related posts
News

XRP Logs 4,335% Surge in Hourly Liquidation Imbalance, What's Next? - U.Today

1 Mins read
After struggling to hold steady at the $3 resistance level despite strong market momentum, XRP has finally returned to the red zone,…
News

Jurisdiction Miss Sinks Novel Crypto Suit Claim In Chancery - Law360

1 Mins read
By Jeff Montgomery ( October 6, 2025, 7:55 PM EDT) — In a first-of-its-kind decision, Delaware’s Court of Chancery on Monday upheld…
News

Japanese Stocks to Gain on Takaichi Win, Yen Drops: Markets Wrap

2 Mins read
(Bloomberg) — The yen fell after a ruling-party vote positioned pro-stimulus lawmaker Sanae Takaichi to become Japan’s next leader, boosting prospects for…

Leave a Reply

Your email address will not be published. Required fields are marked *