China Evergrande CEO, finance chief resign amid probe

News Snapshot:

China Evergrande Group, the embattled property developer, said chief executive officer Xia Haijun has resigned. Siu Shawn, an executive director at the company, will take over, according to a statement Friday. Chief Financial Officer Pan Darong also resigned. Evergrande had been investigating how 13.4 billion yuan ($1.99 billion) of its deposits were used as security for pledge guarantees and seized by banks. The pledge guarantees threatened to wipe out most of the cash holdings at its property-services unit. A filing Friday says that the board requested that Xia, Pan and another executive resign as a result of information about their...