HONG KONG: Hui Ka Yan, the chairman of China Evergrande Group - the company at the centre of the country's property sector crisis - has been moved to a special detention centre in Shenzhen, two Reuters sources with knowledge of the matter said.
China Evergrande Group Chairman Hui Ka Yan attends a news conference on the property developer's annual results in Hong Kong, China , on Mar 28, 2017. HONG KONG: Hui Ka Yan, the chairman of China Evergrande Group - the company at the centre of the country's property sector crisis - has been moved to a special detention centre in Shenzhen, two Reuters sources with knowledge of the matter said.
Hui, who was once China's richest man, is not known to have been formally charged with any crimes and it is unclear how long he will remain in detention or whether he will be tried or set free. He was transferred to Shenzhen a few months ago to allow him to more easily communicate with top Evergrande executives, said the second source. Evergrande is headquartered in the neighbouring southern city of Guangzhou and its wealth management unit is based in Shenzhen.Evergrande aims to recover US$6 billion from founder Hui, former top execs
Since 2021, the company has defaulted on most of its US$300 billion liabilities as well as billions of dollars of wealth management product payments, and its troubles have been emblematic of China's property sector woes that have long dragged on economic growth. Evergrande's wealth management unit announced plans in late 2021 to repay investors in its wealth management products. But in August last year, it said it was no longer able to make the monthly installments. Some of the unit's staff were detained by the Shenzhen police a couple of weeks later.
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