Evergrande\'s chairman under police surveillance as shares remain suspended

Published: 29 January 2024 at 02:53

Business

Hui Ka Yan, chairman of Evergrande, has been placed under police surveillance and the company\'s shares will remain suspended. Evergrande, a heavily indebted Chinese property giant, has been facing mounting problems and defaulted in 2021, triggering a real estate crisis in China. The company has been trying to raise cash to repay its debts, but most of its debt is owed to people in China, including ordinary citizens whose homes have not been finished. The suspension of Evergrande\'s shares marks another setback for the world\'s second largest economy.

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