Evergrande stock tumbles after Chinese police detain staff at its wealth management unit

Source: edition.cnn.com edition.cnn.com

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Hong Kong CNN — Chinese police have detained some staff of Evergrande’s wealth management unit after the company failed to repay investors, in the first criminal probe launched against the embattled property developer since it was hit by a massive debt crisis in late 2021. Shares in the company tumbled as much as 26% in Hong Kong on Monday but recovered most of its loses to trade at 61 Hong Kong cents (8 US cents). Police in the southern megacity of Shenzhen, where Evergrande is headquartered, said Saturday in a statement they had recently detained some staff at Evergrande Wealth,...