The state-owned Shanghai Securities Journal reported that one of the detainees is the general manager and legal representative of Evergrande Wealth, citing an unnamed source.
CNN has reached out to Evergrande and Evergrande Wealth for comment about the investigation, but hasn’t received a response.
Of that amount, 34 billion yuan ($4.7 billion) was still unpaid by the end of last year.
Multiple protestsProblems at Evergrande’s wealth unit first became widely known in August 2021, when it stopped issuing financial products due to “difficulty” in repaying them.
Sayaka Nanbu/APTo appease its creditors, Evergrande Wealth subsequently proposed several repayment plans.
Persons:
“ Du, hasn’t, Evergrande, Sayaka Nanbu
Organizations:
Hong Kong CNN, Hong, Police, Evergrande, Shanghai Securities Journal, CNN, Shenzhen government’s, Evergrande’s
Locations:
Hong Kong, Shenzhen, Evergrande’s Shenzhen, Shanghai, United States