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Police Detain Evergrande Wealth Management Staff Amid Ongoing Debt Crisis and Regulatory Scrutiny

  • Police in China detained staff at Evergrande's wealth management unit, suggesting a new investigation.

  • The police statement did not specify the number of people detained, the charges, or the date of detention.

  • Evergrande is undergoing debt restructuring and has delayed offshore debt decisions to next month.

  • Evergrande stock trading was suspended for 17 months until late August 2022.

  • Moody's cut the outlook on China's property sector to negative, citing economic challenges.

reuters.com
Relevant topic timeline:
The chairman of China Evergrande Group, Hui Ka Yan, has been placed under police surveillance amid the company's worsening financial situation and regulatory investigation.