Hui Ka Yan, the founder and chairman of China Evergrande Group, has been subject to mandatory measures due to suspicion of illegal crimes, the debt-laden property developer said on Thursday. Trading in the shares of the company on the Hong Kong Stock Exchange has been suspended. It will remain suspended until further notice.
Hui, 64, founded Evergrande in 1996. Evergrande was once the largest residential developer in China and is now the most indebted one. By the end of June, Evergrande had the equivalent of more than US$327 billion (2.39 trillion yuan) in liabilities.
