Shares in crisis-hit Chinese property giant Evergrande have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance.
It follows reports earlier this week that other current and former executives had also been detained.
Thursday’s market statement did not give a reason for the trading halt.
But it marks another low for the heavily indebted property giant which defaulted in 2021, triggering China’s current real estate market crisis.
In August, the firm filed for bankruptcy in New York, in a bid to protect its US assets as it worked on a multi-billion dollar deal with creditors.
Well, a significant part of this can be resolved nicely by creating a comprehensive welfare system. Just off the top of my head - buy out the apartments purchased as investment and provide good pensions in their place. Then people won’t feel the need to participate in this failing market and won’t be affected of its potential collapse. I’ve been wondering why there’s no proper welfare system in China and I recently stumbled upon info that Xi believes welfare makes people lazy. So that’s a problem. If I were a Chinese citizen whose bought into the social contract with the CCP, I’d expect the construction of a good welfare system out of it.