- Bloomberg reported on Wednesday that the billionaire chairman of China's Evergrande Group is now under police surveillance, casting fresh uncertainties over the future of the troubled property developer. This development has intensified concerns about an impending collapse, which could have far-reaching ramifications for China's already struggling real estate sector and the broader economy.
- Hui Ka Yan, the Chairman of China Evergrande Group, who is also known as Xu Jiayin in Mandarin, was reportedly taken into police custody earlier this month and is currently under continuous monitoring at a designated location. The exact reasons behind Hui's placement under residential surveillance remain unclear.
Why it matters
During this period, which typically lasts for a maximum of six months, Hui's freedoms are restricted— he is prohibited from leaving the designated location, meeting or communicating with individuals without prior permission, and is required to surrender his passports and identity cards to the police.