Evergrande Chairman Under Police Surveillance, Trading Suspended

China Evergrande, the heavily indebted real estate developer, has suspended trading of its stock as new troubles emerge. The company's wealth management arm staff have been detained by authorities, two former top executives are reportedly being held, and its billionaire chairman is under police surveillance. Investors have sold off their shares, causing the stock to plummet over 40% in the past week. Evergrande's inability to resolve its debt issues is raising concerns about China's real estate market, which is already grappling with signs of insolvency. The situation is adding pressure on policymakers in Beijing as uncertainty grows over the fate of Evergrande and other developers that have defaulted in recent years.