Evergrande chair placed under ‘mandatory measures’ on suspicion of crimes

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Evergrande on Thursday said its chair, Hui Ka Yan, had been placed under “mandatory measures” on suspicion of crimes, amid mounting pressures on the Chinese developer.

In a statement on the Hong Kong stock exchange, the company said it had “received notification from relevant authorities” of the developments, but did not clarify any further.

The announcement followed reports that Hui has been placed under police surveillance, and recent arrests of staff at a former wealth management subsidiary.

Evergrande did not respond to an earlier request for comment.

The developer defaulted on its debts in late 2021 and over the weekend said an official investigation had prevented it from proceeding with its restructuring plan.

This is a developing story