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

Government Matching Contribution for Retirement Savings

2 Mins read
According to researchers, nearly 22 million Americans are set to benefit from a new government matching contribution initiative aimed at enhancing retirement…

Oil Market Update

1 Mins read
Oil Market Update On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of…

Carrier Global Sells Industrial Fire Business

1 Mins read
Carrier Global Sells Industrial Fire Business for $1.425 Billion Carrier Global has announced the sale of its industrial fire business to private-equity…

Leave a Reply

Your email address will not be published.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