According to unidentified sources quoted by Bloomberg, Xu Jiayin, also known as Hui Ka Yan in Cantonese, was brought into custody earlier this month and is currently being held.
According to Bloomberg on Wednesday, the authorities are holding Evergrande‘s billionaire CEO as the troubled Chinese real estate developer continues to face significant financial difficulties.
evergrande
According to unnamed sources quoted by Bloomberg, Xu Jiayin, also known as Hui Ka Yan in Cantonese, was taken into custody earlier this month and is currently being held.
The report stated that he is being held under “residential surveillance,” which does not imply that he has been detained or accused of a crime.
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Fears of a global spillover have grown as a result of Evergrande’s massive debt, which has exacerbated the country’s real estate market problem.
An important loan payment was missed by the company’s property division this week, and the Chinese financial website Caixin stated that former company officials had been jailed.
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