China Evergrande’s Chairman Hui is under police surveillance

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<span>© Reuters. FILE PHOTO: China Evergrande Group Chairman Hui Ka Yan attends a press conference on the property developer’s annual results in Hong Kong, China March 28, 2017. REUTERS/Bobby Yip/File photo</span><br />
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<p>(Reuters) -Hui Ka Yan, the chairman of China <span itemscope="" itemtype="http://schema.org/Corporation"><span itemprop="name"> Evergrande </span></span> (HK:) Group, has been placed under police surveillance, Bloomberg News reported on Wednesday, citing people with knowledge of the matter.</p>
<p>Hui was taken away by police earlier this month and is being monitored at a designated location, the report added, citing sources.</p>
<p>It was not clear why Hui was placed under residential surveillance, Bloomberg News said, adding the move was a type of police action that falls short of formal detention or arrest and does not mean Hui will be charged with a crime.</p>
<p>Reuters could not immediately verify the Bloomberg report. Evergrande did not respond to a Reuters request for comment.</p>
<p>Earlier this month, police in southern China had detained some staff at Evergrande wealth management unit, suggesting a new investigation that could add to the property giant’s woes.</p>
<p>Evergrande is the world’s most indebted property developer and is at the centre of a crisis in China’s property sector, which has seen a string of debt defaults since late 2021 that has dragged on the growth of the world’s second-largest economy.</p>
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