Head of real estate giant Evergrande held by Chinese police
The billionaire boss of the Chinese real estate giant Evergrande, Hui Ka Yan, is being held by the police, The Bloomberg agency said on Wednesday, at a time when the indebted company is dealing with serious financial difficulties. The tycoon, also known as Xu Jiayin in Mandarin, was taken away by authorities weeks ago.
We recommend: US Government files suit against Amazon; these were the reasons
He is kept under "residential surveillance," which does not mean he has been arrested or charged with a crime.n, according to this economic information agency. Guancha, a private pro-government media outlet, indicated that informed sources confirmed the version. He added that Hui was handed over to authorities "a few days ago" and that he remains in Beijing.
The AFP agency called Evergrande's offices in Hong Kong and mainland China to ask about the case but did not receive a response. Chinese Foreign Ministry spokesman Wang Wenbin said at a press conference on Wednesday that he was "not aware of the situation" when asked about Bloomberg's version.
Evergrande's enormous debt, which the company estimated at $328 billion at the end of June, has contributed to the worsening of the real estate crisis in China, generating fears of global contagion. The real estate branch of the company defaulted on a key debt this weekand the Chinese financial site Caixin reported that former executives of the firm were detained.
Hui, 65, became the richest man in China, with a particular taste for luxury brands and yachts. His wealth is currently estimated at $1.8 billion, up from $42 billion in 2017, according to the Bloomberg Billionaires Index. The real estate sector is a pillar of Chinese economic growth and registered a spectacular boom in recent years.
But the massive debt accumulated by the largest players in the sector was considered by the Chinese authorities as an unacceptable risk for the financial system and the economy as a whole. Given this, the government severely limited its access to credit, which led several companies to default, as happened with Evergrande.
- Allow me to introduce myself. I am Nathan Rivera, a dedicated journalist who has had the privilege of writing for the online newspaper Today90. My journey in the world of journalism has been a testament to the power of dedication, integrity, and passion.
My story began with a relentless thirst for knowledge and an innate curiosity about the events shaping our world. I graduated with honors in Investigative Journalism from a renowned university, laying the foundation for what would become a fulfilling career in the field.
What sets me apart is my unwavering commitment to uncovering the truth. I refuse to settle for superficial answers or preconceived narratives. Instead, I constantly challenge the status quo, delving deep into complex issues to reveal the reality beneath the surface. My dedication to investigative journalism has uncovered numerous scandals and shed light on issues others might prefer to ignore.
I am also a staunch advocate for press freedom. I have tirelessly fought to protect the rights of journalists and have faced significant challenges in my quest to inform the public truthfully and without constraints. My courage in defending these principles serves as an example to all who believe in the power of journalism to change the world.
Throughout my career, I have been honored with numerous awards and recognitions for my outstanding work in journalism. My investigations have changed policies, exposed corruption, and given a voice to those who had none. My commitment to truth and justice makes me a beacon of hope in a world where misinformation often prevails.
At Today90, I continue to be a driving force behind journalistic excellence. My tireless dedication to fair and accurate reporting is an invaluable asset to the editorial team. My biography is a living testament to the importance of journalism in our society and a reminder that a dedicated journalist can make a difference in the world.
- Latin America02/12/2023Eighth Conference of La Via Campesina begins in Colombia | News
- World News02/12/2023The Government reports that more than 3.3 million hectares have burned in 2023 in Bolivia
- Celebrities02/12/2023They arrest a man disguised as a police officer in CDMX; gave way
- Sports02/12/2023Mourinho explodes against another referee: "He does not have emotional stability for a match of this level"