Evergrande’s Hui Ka Yan Detained
Posted on 09/27/2023
Chairman of China Evergrande Group Hui Ka Yan has been detained in China. He remains at a location preferable to the authorities until further notice. Evergrande lost US$ 2 billion immediately following the resumption in trading weeks ago. It was the first time shares traded hands in 17 months. Evergrande has liabilities of US$ 328 billion. Evergrande reported a loss of US$ 4.5 billion for H1 2023. The company is hoping its electric vehicle business and property management company will help its financial future after filing for bankruptcy.
Evergrande’s prospects are not good. Manufacturers in China report that China’s economy is down, with orders not coming in and many businesses shuttered. Youth unemployment has been a consistent concern since the reopening, with state media reporting on the situation.
Evergrande is incorporated in the Cayman Islands and was founded in 1996.
