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BEIJING: Police in southern China have detained some staff at China Evergrande Group’s wealth management unit, suggesting a new investigation that could add to the property giant’s woes.
“Recently, public security organs took criminal compulsory measures against Du and other suspected criminals at Evergrande Financial Wealth Management Co.,” Shenzhen city police said in a social media statement on Saturday (Sep 16) night.
During protests by disgruntled investors at Evergrande’s Shenzhen headquarters in 2021, Du Liang was identified by staff as the general manager and legal representative of Evergrande’s wealth management division.
Reuters could not confirm that Du was among those detained, and the police statement did not specify the number of people detained, the charges or the date they were taken into custody.
China Evergrande did not immediately respond to a request for comment on Sunday outside of normal business hours.
Moody’s on Thursday cut the outlook on China’s property sector to negative from stable, citing economic challenges it said would dampen sales despite government support.
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