Chinese police detain wealth management staff at the heavily indebted developer Evergrande
TAIPEI, Taiwan (AP) — Police in a southern Chinese city say they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer. Evergrande is the world’s most heavily indebted real estate developer, at the center of a property market crisis that is dragging on China’s economic growth. A statement by the Shenzhen police on Saturday said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management (Shenzhen) company under Evergrande Group.” It’s unclear who Du is. Evergrande did not immediately answer questions seeking comment. The group is undergoing a restructuring plan, including offloading assets, to avoid defaulting on $340 billion in debt.