US EditionChinese property firm Evergrande’s EV company says its executive director has been detained
- Liu Yongzhuo, an executive director at China Evergrande New Energy Vehicle Group, has been detained on suspicion of crimes, according to a Hong Kong stock exchange filing.
- China Evergrande, the majority owner of the new energy vehicle producer, is in the midst of a restructuring to avoid defaulting on its $340 billion debt.
- Share prices of China Evergrande New Energy Vehicle Group and Evergrande Group fell after the announcement of Liu's detention, contributing to the broader decline in the Hang Seng index.
33 Articles
33 Articles
Chinese property firm Evergrande's EV company says its executive director has been detained
A top executive of China Evergrande's electric vehicle company has been detained by police in the latest sign of trouble for the world's most heavily indebted property developer. China Evergrande New Energy Vehicle announced the detention of Liu Yongzhuo, its vice chairman and an executive director, in a notice Monday…
Police detain executive at China Evergrande's EV unit as property sector shows fresh signs of distress
A top executive of China Evergrande's electric vehicle company has been detained by police in the latest sign of trouble for the world's most heavily indebted property developer.
China's Evergrande says head of EV arm detained
BEIJING, China —The head of heavily indebted Chinese property developer Evergrande’s electric vehicle unit has been detained, the firm said Monday, the second executive from the company to come under investigation in recent months. Once China’s biggest real estate developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a
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