Shares in crisis-hit Chinese property giant Evergrande have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance.
It follows reports earlier this week that other current and former executives had also been detained.
Thursday’s market statement did not give a reason for the trading halt.
But it marks another low for the heavily indebted property giant which defaulted in 2021, triggering China’s current real estate market crisis.
In August, the firm filed for bankruptcy in New York, in a bid to protect its US assets as it worked on a multi-billion dollar deal with creditors.
The question is are they being held accountable for doing something illegal, or are they being prosecuted for running a business poorly? One is good, the other is overreach.
Then again, considering how deeply involved the CCP is with large Chinese businesses this could be seen as a completely internal issue.
I guess both given the massive scale of the business and its massive impacts on the whole economy is reasonable
Chinese government overreach? Surely hell has frozen over /s