Employees of Chinese developer Evergrande arrestedAFP, BEIJINGPolice in China have arrested several employees of a subsidiary of troubled Chinese property giant Evergrande Group (恆大集團), authorities said on Saturday. Employees at Evergrande’s financial subsidiary, Evergrande Financial Wealth Management Co (恒大金融財富管理), were arrested, police in the southern city of Shenzhen said in a statement, without specifying the number of employees or the charges against them. The police have arrested several employees of a subsidiary of the troubled property giant, authorities in the southern city of Shenzhen said in a statement on Saturday, without specifying the number of employees or the charges against them. Another Chinese property giant, Country Garden Holdings Co (碧桂園), has narrowly avoided default in recent months, after reporting a record loss and debts of more than US$150 billion. Meanwhile, Moody’s rating agency on Thursday downgraded the outlook for China’s property sector from “stable” to “negative,” arguing that the government support measures will have only a short-term impact.
