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Tuesday, September 26, 2023

China puts Evergrande’s billionaire founder under police control

Hui Ka Yan, the chairman of China Evergrande Group, has been placed under police control and is being monitored at a designated location, according to sources. The reason for his control is unclear, but it does not imply that he will be charged with a crime. Hui, once one of China's most politically connected businessmen, has seen a significant fall from grace amid President Xi Jinping's crackdown on excessive leverage in the real estate sector.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/4R1ovqS

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