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China Evergrande shares sink 25% after wealth unit staff detained
(www.reuters.com)
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this post was submitted on 19 Sep 2023
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This is the best summary I could come up with:
HONG KONG, Sept 18 (Reuters) - Shares of embattled developer China Evergrande Group (3333.HK) plunged as much as 25% on Monday after police detained some staff at its wealth management unit, suggesting a new investigation that could add to the property company's woes.
Evergrande, the world's most indebted property developer, is at the centre of a crisis in China's real estate sector that has seen a string of defaults since late 2021 that have rattled global markets and sparked fears of contagion.
During protests by disgruntled investors at Evergrande's Shenzhen headquarters in 2021, Du Liang was identified by staff as general manager and legal representative of Evergrande's wealth management division.
"Recently, public security organs took criminal compulsory measures against Du and other suspected criminals at Evergrande Financial Wealth Management Co," police in the southern city of Shenzhen said in a social media statement on Saturday night.
The wealth unit was an indirect wholly owned subsidiary, and the imposition of criminal coercive measures on the staff members was in accordance with the law which would not affect the company’s operations, Evergrande said late on Monday in a filing to the Hong Kong Stock Exchange.
It also said it noticed media reports on the transfer of its insurance business and the corresponding assets and liabilities to a state-backed company.
The original article contains 384 words, the summary contains 217 words. Saved 43%. I'm a bot and I'm open source!