• World - Asia
  • Updated: September 18, 2023

China’s Evergrande Stock Plummets Amid New Investigations, Financial Turmoil

The troubled Chinese property giant, Evergrande Group, faced yet another setback as its shares plummeted by 25% on Monday following the detainment of some personnel within its wealth management unit.

This unexpected development has cast a shadow over the company's already precarious financial situation and has raised concerns of further troubles in China's real estate sector.

The ongoing turmoil surrounding Evergrande has sent shockwaves through global markets since late 2021, with a series of defaults and suspensions in stock trading.

Evergrande, once hailed as the world's most indebted property developer, has been grappling with financial difficulties for several months, resulting in a series of defaults and investor concerns.

Trading in Evergrande's stock was suspended for a prolonged 17 months, only resuming on August 28, 2023, following regulatory intervention. However, the resumption of trading has done little to quell the growing unease surrounding the company's future.

The recent detainment of individuals linked to Evergrande's wealth management unit, including Du Liang, who was identified as the general manager and legal representative in 2021, has sent shockwaves through the financial world.

While the exact charges and number of detainees remain undisclosed, the move by public security organs in Shenzhen has added yet another layer of uncertainty to Evergrande's already tumultuous journey.

The company's silence in response to these developments further fuels speculations about the extent of the crisis.

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Quadri Adejumo
Quadri Adejumo

Quadri Adejumo covers World News, Health, Climate & Humanitarian.

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