Evergrande Founder Involved in Illegal Crime Case?

<p>&nbsp;Hui Ka Yan, Chairman of Evergrande China is currently being investigated for 'illegal crimes', according to the group.</p><p><br /></p><p>Earlier on Wednesday, INTRADAY had reported that the founder of the world's largest real estate developer had been placed under police surveillance.</p><p><br /></p><p>As a result, trading in Evergrande shares was suspended on Thursday until further notice.</p><p><br /></p><p>The company's latest announcement states that it has received notification from the authorities that Hui Ka Yan is now subject to mandatory measures in accordance with the law for suspected illegal crimes.</p><p><br /></p><p><br /></p><p>The news indirectly signaled that authorities could hold the billionaire founder responsible for Evergrande's financial woes.</p><p><br /></p><p>The developer's collapse has dragged down China's entire real estate sector, which accounts for about a quarter of the country's economy.</p><p><br /></p><p>The deepening turmoil in China's debt-ridden real estate sector is seen as a threat that could undermine Beijing's efforts to revive the economy from the Covid-19 pandemic.</p>