Hui Ka Yan, the chairman of China Evergrande Group — the company at the center of the country's property sector crisis — has been moved to a special detention center in Shenzhen, two sources with knowledge of the matter said.
After China's securities regulator found Evergrande's flagship unit had inflated earnings and committed securities fraud, Hui was fined $6.6 million in March and barred from the securities market for life.
Chinese authorities have detained many former high-flying business executives and some have remained in detention for years with little or no information about their fate.
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 neighboring southern city of Guangzhou and its wealth management unit is based in Shenzhen.
Persons:
Hui Ka Yan, Hui, Evergrande
Organizations:
China, —
Locations:
Shenzhen, Beijing, Guangzhou