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China Evergrande CEO, CFO Exit in Internal Probe of Deposit Use

  • Developer cites former executives’ involvement with pledges
  • Siu Shawn to become Evergrande’s new chief executive officer
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WATCH: China Evergrande Group is due to unveil a preliminary restructuring plan by the end of the month. Stephen Engle reports.Source: Bloomberg
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China Evergrande Group’s Chief Executive Officer Xia Haijun was forced to resign as the embattled property developer tries to strike a restructuring deal to resolve $300 billion of liabilities that have roiled the nation’s real estate market. 

Siu Shawn, an executive director at the company, will take over, according to a statement Friday, which added that Chief Financial Officer Pan Darong was also forced to resign.