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Evergrande Chair Xu Jiayin detained by police

Chinese property company's shares once again suspended on Hong Kong Stock Exchange

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Evergrande Chair Xu Jiayin in happier days.  


 

Evergrande Chair Xu Jiayin in happier days.     (AP photo)

TAIPEI (Taiwan News) — Evergrande Chair Xu Jiayin (許家印) is under police surveillance and being investigated for “suspicion of crimes,” the Hong Kong Stock Exchange said on Thursday (Sept. 28).

The Chinese property giant said its shares would be suspended until further notice,” Scoop reported. The news comes just one month after the company’s previous suspension for 17 months was lifted.

Evergrande defaulted on its debts in 2021 and caused a real estate crisis in China. It is said to owe more than US$300 billion (NT$9.6 trillion).

Xu was previously under house arrest, according to Scoop. It said the 65-year-old had “some freedoms restricted.”

Meanwhile, BBC reported that Evergrande had lost US$79.6 billion over the past two years. In August, it had filed for bankruptcy in the U.S. to protect its assets there.

It added that a number of current and former executives had been detained. It also cited Fitch Ratings saying, "China's property-sector stress will continue to pose cross-sector credit risks in the near term.”
Evergrande Chair Xu Jiayin detained by police
Hong Kong Stock Exchange statement. (Hong Kong Stock Exchange image)