Evergrande's Chairman Detained: Survival Struggles for Troubled Chinese Property Giant

The chairman of Chinese real estate developer Evergrande, Xu Jiayin, has been detained on suspicion of crimes, casting serious uncertainty on the company's future. Evergrande, which still has $300 billion in liabilities and is bleeding money, had already warned that its debt restructuring plan may be in trouble due to a regulatory probe. The company's inability to issue new debt, along with the detention of its chairman and ongoing investigations, increases the likelihood of its restructuring failing and facing liquidation. This could have far-reaching consequences for its employees, investors, home buyers, and the wider economy. The Chinese government may intervene to soften the blow and stabilize the market after Evergrande's potential fall.