Police in China Detain Evergrande Wealth Management Staff Amid Ongoing Investigation into Troubled Property Giant

Police in China detained staff at Evergrande's wealth management unit, suggesting a new investigation into the troubled property giant.

Du Liang, general manager of Evergrande's wealth management division, was among those detained according to staff.

The investigation is ongoing and police urged investors to report any financial crimes.

Evergrande is undergoing debt restructuring and has delayed making a decision on offshore debt restructuring.

Moody's cut the outlook on China's property sector to negative citing challenges that will dampen sales.