Shares in crisis-hit Chinese property giant Evergrande have been suspended in Hong Kong amid reports its chairman has been placed under police surveillance.
It follows reports earlier this week that other current and former executives had also been detained.
Thursday’s market statement did not give a reason for the trading halt.
But it marks another low for the heavily indebted property giant which defaulted in 2021, triggering China’s current real estate market crisis.
In August, the firm filed for bankruptcy in New York, in a bid to protect its US assets as it worked on a multi-billion dollar deal with creditors.
Am I supposed to think a government holding the people running businesses (apparently very poorly in this case) accountable for their actions is a bad thing?
The question is are they being held accountable for doing something illegal, or are they being prosecuted for running a business poorly? One is good, the other is overreach.
Then again, considering how deeply involved the CCP is with large Chinese businesses this could be seen as a completely internal issue.
Chinese government overreach? Surely hell has frozen over /s
I guess both given the massive scale of the business and its massive impacts on the whole economy is reasonable
A bit too late for that isnt it? Chinese government has been propping up ghost shit building for years and now that shit is going down and all of their pockets are full they drop some scapegoats. You just can’t lose as an authoritarian huh.
A public statement “z is detained for y” is generally expected compared to the usual “no one has seen x from china lately, they probably got held by the govt”
Yes, you are supposed to think that a government imprisoning a subject that has committed no crime is a bad thing
Where did you get this information that no crime has been committed and they are just being detained for shits and giggles?
The article?
I don’t know where you live, but in my country people get charged with crimes, then arrested.
The article says no such thing.
And I’m pretty sure your country has some form of investigative detention. If you’re American that can last up to 48 hours. And it really doesn’t matter because authorities there can just throw out charges, deny bail, blackmail people with absurd incarceration lengths into confessing their guilt, and detain them for years before a trial (or forever in some cases). And at any point in time those charges can be dropped.
And if you really want to go into the pros and cons between different justice systems, we can do that but it doesn’t really have much to do with being a tankie or not.
If you’re poor sure, but not CEOs for white collar crime
Bernie Madoff was out and about until convicted
Is that supposed to be a good thing?
Yes, innocent until proven guilty
He literally turned himself in and admitted to his crimes before then
So only half building homes and running off with the money isn’t a crime? I see no issue arresting some rich fucks who are screwing the common man
Where do you live? In North America, you get arrested, then you get charged.
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