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China's Evergrande says head of EV arm detained
The Philippine Star
|January 09, 2024
BEIJING (AFP) - The head of heavily indebted Chinese property developer Evergrande's electric vehicle unit has been detained, the firm said Monday, the second executive from the company to come under investigation in recent months.
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Once China's biggest real estate developer, Evergrande has reported more than $300 billion in liabilities and its troubles have become a symbol of the nation's years-long property crisis.
The firm's electric vehicle arm NEV said Monday that Liu Yongzhuo - listed on its website as its president - had "been detained in accordance with the law on suspicion of illegal crimes".
It did not give further details on why exactly Liu had been held.
Chinese law allows for individuals to be detained for extended periods while they are under investigation.
Those placed under investigation are usually convicted.
Dit verhaal komt uit de January 09, 2024-editie van The Philippine Star.
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