China Evergrande’s electric car unit says vice chairman detained, stock slides

News Snapshot:

Open this photo in gallery: Police vehicles parked outside the headquarters of the Zhongzhi Enterprise Group Co., in Beijing, on Jan. 8.Andy Wong/The Associated Press China Evergrande New Energy Vehicle Group said on Monday its Vice Chairman Liu Yongzhuo has been detained and is under criminal investigation, sending its stock tumbling and marking another setback after a share sale plan was scrapped. The detainment could also hurt its parent company, China Evergrande Group – the world’s most indebted property developer whose offshore debt restructuring proposals comprise swapping part of its debt for equity in the EV arm. It has some...