What is this case? Police Arrest Chinese Evergrande Employees!

<p>&nbsp;Shares of Chinese real estate giant Evergrande Group plunged 25% on Monday after police arrested several staff at its wealth management unit.</p><p><br /></p><p>This in turn triggered investors' concerns about the new problems faced by the real estate company.</p><p><br /></p><p>On Sunday, police in the southern city of Shenzhen reportedly arrested several employees at its financial subsidiary, Evergrande Wealth Management.</p><p><br /></p><p>However, police did not list charges against the arrested workers but urged the public to report any suspected fraud.</p><p><br /></p><p><br /></p><p>Evergrande is one of China's biggest debt-laden developer firms amid a property market crisis that has dragged down the country's economic growth.</p><p><br /></p><p>The group is undergoing a restructuring plan, including offloading assets to avoid a default on $340 trillion in debt.</p><p><br /></p><p>The drastic fall in the firm's shares in the Asian session also dragged China's CSI 300 index down to its lowest level this year.</p><p><br /></p><p>Last month, Evergrande posted a net loss in the first half of 2023 of 33 billion yuan ($4.5 billion) compared with a loss of 66.4 billion yuan in the same period of 2022.</p>