The noose is tightening around Evergrande. After the arrest of executives of the Chinese developer in mid-September, we learned this Wednesday, September 27, 2023 from the Bloomberg agency, that the boss of the bankrupt real estate giant is under house arrest.
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With our correspondent in Beijing, Stéphane Lagarde
The former richest man in China, member of the Chinese Communist Party and former delegate to the Chinese People’s Consultative Conference, is no longer free to move around. Xu Jiayin had a fortune of nearly 43 billion euros in 2017. He has nothing today, or almost. A dizzying fall like that of the group which led to a crisis never before seen in the Chinese real estate market.
Aged 64, Xu Jiayin, also called Hui Ka Yan in Cantonese, was arrested at the beginning of the month, according to Bloomberg agency sources. According to the Code of Criminal Procedure in China, house arrest can last six months, recalls the Cantonese channel TVB this Wednesday, September 27.
A colossal debt of 307 billion euros
Identity card and passport confiscated, the former billionaire can no longer even take the train. This arrest was followed by others. In mid-September, a police raid took place at Evergrande’s financial subsidiary in Shenzhen. Several dozen employees emerged handcuffed. Two former managers of the real estate giant, asphyxiated by a colossal debt of 307 billion euros, were also questioned by investigators, according to the economic newspaper Caixin. A hearing of the group’s creditors is scheduled for the end of next month, before the courts in Hong Kong.
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