Evergrande Chairman Hui Ka Yan under police surveillance amid suspicions of crimes, raising doubts about company's future

The chairman of Chinese property developer Evergrande, Hui Ka Yan, has been placed under police surveillance and mandatory measures due to suspicion of crimes, according to multiple reports. Evergrande, the world's most indebted developer, confirmed that Hui Ka Yan is being dealt with under the country's laws for suspected criminal offenses. This development adds to the doubts surrounding Evergrande's future as it faces mounting prospects of liquidation. Hui Ka Yan's placement under police control has raised concerns about the embattled developer's ability to navigate the ongoing real estate crisis in China. Shares of Evergrande have been tumbling in recent days, and trading in the company's shares and its two units has been suspended until further notice.