Chinese authorities detain Evergrande staff amid crisis in property market
Wealth Management Co., an entity fully owned by China Evergrande Group. Located in Shenzhen, this subsidiary was set up in 2015 and has been managed by Du Liang, although it remains unconfirmed if he is among those detained. The detainments come against a backdrop of considerable financial chaos.
In 2022, the beleaguered firm was unable to honour payments amounting to 40 billion yuan ($5.6 billion) for its wealth management products. This triggered nationwide protests and intensified the scrutiny from Beijing, as the firm had drawn funding from over 70,000 investors, including its own employees, as per Bloomberg. The police have announced that their probe into the financial arm of Evergrande is still active.
Investors have been urged to assist in the investigation by filing online complaints and providing relevant information. China's government has taken charge of Evergrande’s insurance division. Evergrande Life Assurance Co.
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