China Evergrande's Chairman Under Police Watch, Shares Suspended

Trading in shares of China Evergrande, one of China's largest property developers, has been suspended after reports that its chairman, Hui Ka Yan, has been placed under police surveillance. The company, which has over $300 billion in liabilities, is facing a growing threat of liquidation as it struggles with a debt crisis in China's property sector. Evergrande's restructuring plan is now at risk of failing, and the risks of the company being liquidated are increasing. Trading in its Hong Kong-listed shares and those of its property services and electric vehicle units has been suspended.