Oct 2 (Reuters) - China Evergrande Group 3333.HK Chairman Hui Ka Yan is being investigated on suspicion of transferring assets offshore while the indebted property developer struggles to complete unfinished projects, the Wall Street Journal reported on Monday. Evergrande has been working to get creditors' approval to restructure its offshore debt but the process grew more complicated last week when the company said it could not issue new debt due to an investigation into its main China unit. Adding to the embattled developer's woes, it said on Friday that its chairman was under police watch and was suspected of committing unspecified crimes. Evergrande did not immediately respond to a Reuters request for comment during week-long National Day holidays. (Reporting by Urvi Dugar in Bengaluru; Editing by Stephen Coates)((UrviManoj.Dugar@thomsonreuters.com;))The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source: Wall Street Journal October 02, 2023 02:53 UTC