The billionaire head of Chinese real estate giant Evergrande is being held by police, Bloomberg news agency said on Wednesday, as the indebted company grapples with serious financial difficulties.
Xu Jiayin, also known as Hui Ka Yan in Cantonese, was taken by authorities weeks ago and is now being held, according to anonymous sources cited by Bloomberg.
He remains under “residential surveillance,” which does not imply that he has been arrested or accused of a crime, according to this economic information agency.
Evergrande’s enormous debt has contributed to the worsening of the real estate crisis in China, raising fears of global contagion.
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The company’s real estate arm defaulted on a key debt this week, and Chinese financial site Caixin reported that former executives of the firm were detained.
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