Police in the southern Chinese city of Shenzhen have detained some staff from China Evergrande Group’s wealth management unit as part of a criminal investigation, AP News reports.
Evergrande, the world’s most heavily indebted real estate developer, is currently facing significant financial challenges.
The company is undergoing a restructuring plan to avoid defaulting on its $340 billion debt.
China’s property market crisis is causing concerns about its impact on the country’s economic growth and potentially global repercussions.
