HONG KONG: The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer's future as it grapples with mounting prospects of liquidation.
Citing people with knowledge of the matter, the report said Hui Ka Yan, who founded Evergrande in 1996 in the southern city of Guangzhou, was taken away by police earlier this month and is being monitored at a designated location.
Reuters could not immediately verify the report. Evergrande, the police department in Guangdong province, whose capital is Guangzhou, and the public security ministry did not immediately respond to requests for comment. Once China's top-selling developer, Evergrande's financial crisis became public in 2021 and since then it and a string of its peers have defaulted on their offshore debt obligations amid slowing home sales and fewer new avenues for fundraising.
As the developer's already sold but unfinished apartments will pose a risk to"social stability", there is a good chance that Evergrande will likely seek bankruptcy reorganisation, said the brokerage. Hengda, in a separate filing on Monday, said that it had failed to pay the principal and interest on a 4 billion yuan bond due by a Sept. 25 deadline.
Investors are also focused on problems at another major Chinese developer, Country Garden, which is facing a new bond coupon repayment deadline on Wednesday.
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