\n<\/p>\n
China Evergrande Group’s logo is displayed on a phone screen in this illustration photo taken on September 27, 2021.<\/p>\n
Jakub Porzycki | Nurphoto | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
A day after China Evergrande’s shares were suspended<\/a> in Hong Kong, the beleaguered Chinese property firm revealed that its director and executive chairman is under scrutiny over suspected crimes.<\/p>\nHui Ka Yan “has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes,” Evergrande said in a statement to the Hong Kong Stock Exchange<\/a> late Thursday.<\/p>\nAs such, the company’s shares will remain suspended until further notice.<\/p>\nThis follows a Bloomberg report<\/a> on Wednesday that said Hui had been “placed under police control.”<\/p>\nBloomberg said that Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, citing people familiar with the matter. <\/p>\n<\/div>\n\nStock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><img decoding=\"async\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\" class=\"Collapsible-dismissButton\" alt=\"hide content\"\/><\/div>\n<\/div>\n<p><iframe title=\"Embedded Interactive Chart\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=3333-HK&range=1M&type=mountain&embedded=true&$DEVICE$=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<\/div>\n<div class=\"group\">\n<p>Late Thursday, <a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0928\/2023092802121.pdf\" target=\"_blank\" rel=\"noopener\">Evergrande released a separate filing<\/a> regarding the status of its subsidiary Hengda Real Estate Group, which most recently failed to pay the principal and interest for a 4 billion yuan ($547 million) bond that was due Sept. 25.<\/p>\n<p>Evergrande said that as of end-August, Hengda had a total of 1,946 pending litigation cases which involved more than 30 million yuan each, with the total amount involved of approximately 449.298 billion yuan ($61.61 billion).<\/p>\n<p>Total unpaid debts from Hengda amounted to approximately 278.53 billion yuan, with overdue commercial bills of about 206.777 billion yuan.<\/p>\n<p>In the same filing, Evergrande revealed there were 163 new enforcement cases against Hengda Real Estate in August, involving a total amount of approximately 9.13 billion yuan, although it did not elaborate on the nature of the cases.<\/p>\n<p>Hengda also saw 68 new cases where it<em>s<\/em> equity interest in subsidiaries and investee companies were frozen as a result of enforcement actions against it.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Evergrande was at one time China’s largest private sector developer by sales.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2023\/07\/18\/chinas-evergrande-posts-81-billion-loss-over-the-past-two-years.html\">The world’s most indebted real estate company defaulted in 2021<\/a>\u00a0and its shares were suspended in March last year. They only just resumed trading in late August after a 17 month hiatus.<\/p>\n<p>Just this week, Evergrande said that due to\u00a0<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0924\/2023092400033.pdf\" target=\"_blank\" rel=\"noopener\">an investigation into Hengda<\/a> it was unable to issue new notes under its debt restructuring plan.<\/p>\n<p>It also delayed a debt restructuring meeting with creditors that was due Monday, saying in<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0922\/2023092201562.pdf\" target=\"_blank\" rel=\"noopener\">\u00a0a filing<\/a>\u00a0“the sales of the Group has not been as expected by the company,” since its\u00a0<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0322\/2023032201427.pdf\" target=\"_blank\" rel=\"noopener\">March debt restructuring announcement.<\/a><\/p>\n<p>As such, Evergrande “considers it necessary to re-assess the terms of the proposed restructuring to meet the company’s objective situation and the demand of the creditors.”<\/p>\n<p>In August, Evergrande, along with affiliate Tianji Holdings and its subsidiary Scenery Journey<a href=\"https:\/\/www.cnbc.com\/2023\/08\/18\/china-property-developer-evergrande-files-for-bankruptcy-protection-in-us.html\"> applied\u00a0for\u00a0Chapter 15 bankruptcy protection<\/a>\u00a0in a U.S. court.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2023\/09\/29\/china-property-evergrandes-chairman-suspected-of-illegal-crimes.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China Evergrande Group’s logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. Jakub Porzycki | Nurphoto | Getty Images A day after China Evergrande’s shares were suspended in Hong Kong, the beleaguered Chinese property firm revealed that its director and executive chairman is under scrutiny over suspected crimes. […]<\/p>\n","protected":false},"author":5,"featured_media":9360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107096492-1659313051012-gettyimages-1235539721-porzycki-chinaeco210927_npyre.jpeg?v=1695961359&w=1920&h=1080","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-9359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=9359"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359\/revisions"}],"predecessor-version":[{"id":9361,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359\/revisions\/9361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/9360"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=9359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=9359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=9359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Hui Ka Yan “has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes,” Evergrande said in a statement to the Hong Kong Stock Exchange<\/a> late Thursday.<\/p>\nAs such, the company’s shares will remain suspended until further notice.<\/p>\nThis follows a Bloomberg report<\/a> on Wednesday that said Hui had been “placed under police control.”<\/p>\nBloomberg said that Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, citing people familiar with the matter. <\/p>\n<\/div>\n\nStock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><img decoding=\"async\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\" class=\"Collapsible-dismissButton\" alt=\"hide content\"\/><\/div>\n<\/div>\n<p><iframe title=\"Embedded Interactive Chart\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=3333-HK&range=1M&type=mountain&embedded=true&$DEVICE$=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<\/div>\n<div class=\"group\">\n<p>Late Thursday, <a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0928\/2023092802121.pdf\" target=\"_blank\" rel=\"noopener\">Evergrande released a separate filing<\/a> regarding the status of its subsidiary Hengda Real Estate Group, which most recently failed to pay the principal and interest for a 4 billion yuan ($547 million) bond that was due Sept. 25.<\/p>\n<p>Evergrande said that as of end-August, Hengda had a total of 1,946 pending litigation cases which involved more than 30 million yuan each, with the total amount involved of approximately 449.298 billion yuan ($61.61 billion).<\/p>\n<p>Total unpaid debts from Hengda amounted to approximately 278.53 billion yuan, with overdue commercial bills of about 206.777 billion yuan.<\/p>\n<p>In the same filing, Evergrande revealed there were 163 new enforcement cases against Hengda Real Estate in August, involving a total amount of approximately 9.13 billion yuan, although it did not elaborate on the nature of the cases.<\/p>\n<p>Hengda also saw 68 new cases where it<em>s<\/em> equity interest in subsidiaries and investee companies were frozen as a result of enforcement actions against it.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Evergrande was at one time China’s largest private sector developer by sales.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2023\/07\/18\/chinas-evergrande-posts-81-billion-loss-over-the-past-two-years.html\">The world’s most indebted real estate company defaulted in 2021<\/a>\u00a0and its shares were suspended in March last year. They only just resumed trading in late August after a 17 month hiatus.<\/p>\n<p>Just this week, Evergrande said that due to\u00a0<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0924\/2023092400033.pdf\" target=\"_blank\" rel=\"noopener\">an investigation into Hengda<\/a> it was unable to issue new notes under its debt restructuring plan.<\/p>\n<p>It also delayed a debt restructuring meeting with creditors that was due Monday, saying in<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0922\/2023092201562.pdf\" target=\"_blank\" rel=\"noopener\">\u00a0a filing<\/a>\u00a0“the sales of the Group has not been as expected by the company,” since its\u00a0<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0322\/2023032201427.pdf\" target=\"_blank\" rel=\"noopener\">March debt restructuring announcement.<\/a><\/p>\n<p>As such, Evergrande “considers it necessary to re-assess the terms of the proposed restructuring to meet the company’s objective situation and the demand of the creditors.”<\/p>\n<p>In August, Evergrande, along with affiliate Tianji Holdings and its subsidiary Scenery Journey<a href=\"https:\/\/www.cnbc.com\/2023\/08\/18\/china-property-developer-evergrande-files-for-bankruptcy-protection-in-us.html\"> applied\u00a0for\u00a0Chapter 15 bankruptcy protection<\/a>\u00a0in a U.S. court.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2023\/09\/29\/china-property-evergrandes-chairman-suspected-of-illegal-crimes.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China Evergrande Group’s logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. Jakub Porzycki | Nurphoto | Getty Images A day after China Evergrande’s shares were suspended in Hong Kong, the beleaguered Chinese property firm revealed that its director and executive chairman is under scrutiny over suspected crimes. […]<\/p>\n","protected":false},"author":5,"featured_media":9360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107096492-1659313051012-gettyimages-1235539721-porzycki-chinaeco210927_npyre.jpeg?v=1695961359&w=1920&h=1080","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-9359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=9359"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359\/revisions"}],"predecessor-version":[{"id":9361,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359\/revisions\/9361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/9360"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=9359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=9359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=9359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
As such, the company’s shares will remain suspended until further notice.<\/p>\n
This follows a Bloomberg report<\/a> on Wednesday that said Hui had been “placed under police control.”<\/p>\nBloomberg said that Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, citing people familiar with the matter. <\/p>\n<\/div>\n\nStock Chart Icon<\/title><desc>Stock chart icon<\/desc><g transform=\"translate(1.4065934065934016 1.4065934065934016) scale(2.81 2.81)\"><path d=\"M 87.994 0 H 69.342 c -1.787 0 -2.682 2.16 -1.418 3.424 l 5.795 5.795 l -33.82 33.82 L 28.056 31.196 l -3.174 -3.174 c -1.074 -1.074 -2.815 -1.074 -3.889 0 L 0.805 48.209 c -1.074 1.074 -1.074 2.815 0 3.889 l 3.174 3.174 c 1.074 1.074 2.815 1.074 3.889 0 l 15.069 -15.069 l 14.994 14.994 c 1.074 1.074 2.815 1.074 3.889 0 l 1.614 -1.614 c 0.083 -0.066 0.17 -0.125 0.247 -0.202 l 37.1 -37.1 l 5.795 5.795 C 87.84 23.34 90 22.445 90 20.658 V 2.006 C 90 0.898 89.102 0 87.994 0 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 65.626 37.8 v 49.45 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 23.518 L 65.626 37.8 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 47.115 56.312 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 42.03 L 47.115 56.312 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 39.876 60.503 c -1.937 0 -3.757 -0.754 -5.127 -2.124 l -6.146 -6.145 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 59.844 C 41.952 60.271 40.933 60.503 39.876 60.503 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><path d=\"M 22.937 46.567 L 11.051 58.453 c -0.298 0.298 -0.621 0.562 -0.959 0.8 V 87.25 c 0 1.519 1.231 2.75 2.75 2.75 h 8.782 c 1.519 0 2.75 -1.231 2.75 -2.75 V 48.004 L 22.937 46.567 z\" transform=\" matrix(1 0 0 1 0 0) \" stroke-linecap=\"round\"\/><\/g><\/svg><\/p>\n<div class=\"Collapsible-proLivePlayerCloseOrExpand\"><img decoding=\"async\" src=\"https:\/\/static-redesign.cnbcfm.com\/dist\/a54b41835a8b60db28c2.svg\" class=\"Collapsible-dismissButton\" alt=\"hide content\"\/><\/div>\n<\/div>\n<p><iframe title=\"Embedded Interactive Chart\" src=\"https:\/\/www.cnbc.com\/appchart?symbol=3333-HK&range=1M&type=mountain&embedded=true&$DEVICE$=undefined\" height=\"460\" scrolling=\"no\" style=\"border:0;width:100%\"><\/iframe><\/p>\n<\/div>\n<div class=\"group\">\n<p>Late Thursday, <a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0928\/2023092802121.pdf\" target=\"_blank\" rel=\"noopener\">Evergrande released a separate filing<\/a> regarding the status of its subsidiary Hengda Real Estate Group, which most recently failed to pay the principal and interest for a 4 billion yuan ($547 million) bond that was due Sept. 25.<\/p>\n<p>Evergrande said that as of end-August, Hengda had a total of 1,946 pending litigation cases which involved more than 30 million yuan each, with the total amount involved of approximately 449.298 billion yuan ($61.61 billion).<\/p>\n<p>Total unpaid debts from Hengda amounted to approximately 278.53 billion yuan, with overdue commercial bills of about 206.777 billion yuan.<\/p>\n<p>In the same filing, Evergrande revealed there were 163 new enforcement cases against Hengda Real Estate in August, involving a total amount of approximately 9.13 billion yuan, although it did not elaborate on the nature of the cases.<\/p>\n<p>Hengda also saw 68 new cases where it<em>s<\/em> equity interest in subsidiaries and investee companies were frozen as a result of enforcement actions against it.<\/p>\n<\/div>\n<div class=\"group\">\n<p>Evergrande was at one time China’s largest private sector developer by sales.<\/p>\n<p><a href=\"https:\/\/www.cnbc.com\/2023\/07\/18\/chinas-evergrande-posts-81-billion-loss-over-the-past-two-years.html\">The world’s most indebted real estate company defaulted in 2021<\/a>\u00a0and its shares were suspended in March last year. They only just resumed trading in late August after a 17 month hiatus.<\/p>\n<p>Just this week, Evergrande said that due to\u00a0<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0924\/2023092400033.pdf\" target=\"_blank\" rel=\"noopener\">an investigation into Hengda<\/a> it was unable to issue new notes under its debt restructuring plan.<\/p>\n<p>It also delayed a debt restructuring meeting with creditors that was due Monday, saying in<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0922\/2023092201562.pdf\" target=\"_blank\" rel=\"noopener\">\u00a0a filing<\/a>\u00a0“the sales of the Group has not been as expected by the company,” since its\u00a0<a href=\"https:\/\/www1.hkexnews.hk\/listedco\/listconews\/sehk\/2023\/0322\/2023032201427.pdf\" target=\"_blank\" rel=\"noopener\">March debt restructuring announcement.<\/a><\/p>\n<p>As such, Evergrande “considers it necessary to re-assess the terms of the proposed restructuring to meet the company’s objective situation and the demand of the creditors.”<\/p>\n<p>In August, Evergrande, along with affiliate Tianji Holdings and its subsidiary Scenery Journey<a href=\"https:\/\/www.cnbc.com\/2023\/08\/18\/china-property-developer-evergrande-files-for-bankruptcy-protection-in-us.html\"> applied\u00a0for\u00a0Chapter 15 bankruptcy protection<\/a>\u00a0in a U.S. court.<\/p>\n<\/div>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.cnbc.com\/2023\/09\/29\/china-property-evergrandes-chairman-suspected-of-illegal-crimes.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China Evergrande Group’s logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. Jakub Porzycki | Nurphoto | Getty Images A day after China Evergrande’s shares were suspended in Hong Kong, the beleaguered Chinese property firm revealed that its director and executive chairman is under scrutiny over suspected crimes. […]<\/p>\n","protected":false},"author":5,"featured_media":9360,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/image.cnbcfm.com\/api\/v1\/image\/107096492-1659313051012-gettyimages-1235539721-porzycki-chinaeco210927_npyre.jpeg?v=1695961359&w=1920&h=1080","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-9359","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=9359"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359\/revisions"}],"predecessor-version":[{"id":9361,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/9359\/revisions\/9361"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/9360"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=9359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=9359"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=9359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Bloomberg said that Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, citing people familiar with the matter. <\/p>\n<\/div>\n