China Evergrande’s Chairman Hui is under police surveillance – Bloomberg News

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Hui was taken away by police earlier this month and is being monitored at a designated location, the report added, citing sources.

It was not clear why Hui was placed under residential surveillance, Bloomberg News said, adding the move was a type of police action that falls short of formal detention or arrest and does not mean Hui will be charged with a crime.

Reuters could not immediately verify the Bloomberg report. Evergrande did not respond to a Reuters request for comment.

Earlier this month, police in southern China had detained some staff at Evergrande wealth management unit, suggesting a new investigation that could add to the property giant’s woes.

Evergrande is the world’s most indebted property developer and is at the centre of a crisis in China’s property sector, which has seen a string of debt defaults since late 2021 that has dragged on the growth of the world’s second-largest economy.