Chinese Police Detain Staff of Evergrande Wealth Unit
- More than one Evergrande employee was taken into custody
- Police call on investors to provide leads on wealth unit
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Authorities detained some staff of the money management business of China Evergrande Group, a sign that the saga around the defaulted developer at the heart of the nation’s property crisis has entered a new phase involving the criminal justice system.
The company’s shares plunged as much as 25% after trading opened in Hong Kong, before paring its loss to 1.6% at close. The stock extended this year’s decline to 63%.