this post was submitted on 28 Sep 2023
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Shares in crisis-hit Chinese property giant Evergrande have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance.

It follows reports earlier this week that other current and former executives had also been detained.

Thursday's market statement did not give a reason for the trading halt.

But it marks another low for the heavily indebted property giant which defaulted in 2021, triggering China's current real estate market crisis.

In August, the firm filed for bankruptcy in New York, in a bid to protect its US assets as it worked on a multi-billion dollar deal with creditors.

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[–] [email protected] 28 points 1 year ago (30 children)

Waiting for the tankards to twist themselves in knots explaining this one

[–] GracchiBros 34 points 1 year ago (29 children)

Am I supposed to think a government holding the people running businesses (apparently very poorly in this case) accountable for their actions is a bad thing?

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