China Evergrande: Shares in world’s most indebted property developer plunge 25% – amid reports of arrested staff

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Financial markets ponder the prospect of a fresh inquiry at the company, still yet to get to grips with huge financial problems that have sparked a series of defaults on its debts.

Shares in crisis-hit China Evergrande have plunged by up to a quarter after the apparent detention of staff by police.

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The company, which is the world’s most indebted property developer, has been at the centre of a financial crunch covering the wider real estate sector in China since 2021.

Trading in the loss-making company’s stock was suspended for 17 months – until late August – amid a string of defaults and the creation of a restructuring plan that is yet to be agreed with its creditors.

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Shares opened 25% lower in Hong Kong on Monday following the release of a statement by police in the southern city of Shenzhen over the weekend that revealed apparent action against a senior figure within Evergrande’s wealth management arm, Du Liang, and others.

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