Evergrande Crisis

China Evergrande Group received a liquidation order from a Hong Kong court, setting off what's likely to be a daunting process to carve up one of the biggest victims of a years-long and nationwide property debt crisis.

Hui Ka Yan, the founder of China Evergrande Group that's at the epicentre of China's property crisis, has been put under police control, suggesting the firm may have entered a new phase involving the criminal justice system.

The billionaire boss of beleaguered Chinese property developer China Evergrande is being held by police, a report said Wednesday, as the debt-ridden company grapples with severe financial difficulties.

Evergrande began to falter after China began cracking down on the property sector in 2020.

Chinese authorities have told Evergrande founder Xu Jiayin, once the country's richest man, to use his personal wealth to alleviate the embattled company's debt crisis, according to media reports.

China Evergrande will sell a majority stake in its property management business for more than $5 billion, Chinese media said on Monday, a deal which would be the largest asset sale yet at the debt-laden property developer if it goes ahead.

Global markets have turned shaky ever since China's Evergrande Group crisis triggered. The real estate group is one of China's biggest developers and has total liabilities or debt of more than $300 billion.

China Evergrande Group received a liquidation order from a Hong Kong court, setting off what's likely to be a daunting process to carve up one of the biggest victims of a years-long and nationwide property debt crisis.

Hui Ka Yan, the founder of China Evergrande Group that's at the epicentre of China's property crisis, has been put under police control, suggesting the firm may have entered a new phase involving the criminal justice system.

The billionaire boss of beleaguered Chinese property developer China Evergrande is being held by police, a report said Wednesday, as the debt-ridden company grapples with severe financial difficulties.

Evergrande began to falter after China began cracking down on the property sector in 2020.

Chinese authorities have told Evergrande founder Xu Jiayin, once the country's richest man, to use his personal wealth to alleviate the embattled company's debt crisis, according to media reports.

China Evergrande will sell a majority stake in its property management business for more than $5 billion, Chinese media said on Monday, a deal which would be the largest asset sale yet at the debt-laden property developer if it goes ahead.

Global markets have turned shaky ever since China's Evergrande Group crisis triggered. The real estate group is one of China's biggest developers and has total liabilities or debt of more than $300 billion.