Last month, China Evergrande Group, the bankrupt developer whose December 2021 default triggered a now two-year-long real estate crisis in the country, resumed trading of its shares on Hong Kong’s stock exchange after an 17-month hiatus. On Thursday, the developer hurriedly suspended trading again, admitting that Chinese police had detained its chairman, Hui Ka Yan.
In a filing to Hong Kong’s stock exchange on Thursday, the developer said it had “received notification from relevant authorities” that Hui “has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes.” The developer would suspend trading “until further notice.”
