Evergrande's Chairman Detained, Survival in Jeopardy

China Evergrande, the world's most indebted property developer, is facing worsening problems as it tries to restructure over $300 billion in debt. The company's chairman and founder, Hui Ka Yan, is now under investigation for possible criminal wrongdoing, complicating its debt restructuring efforts. Evergrande's troubles stem from years of reckless borrowing and overbuilding, which led to its default on payments and bankruptcy filing. The company's situation is significant as it may impact how Chinese officials handle other struggling property developers, and its unpaid debts are weighing on the Chinese economy.