China Evergrande CEO, CFO Resign Amid Probe Into Subsidiary

China Evergrande CEO, CFO Resign Amid Probe Into Subsidiary
A man walks in front of a housing complex by Chinese property developer Evergrande in Beijing on Oct. 21, 2021. Noel Celis/AFP via Getty Images
The Associated Press
Updated:

NEW YORK—Struggling Chinese real estate developer China Evergrande has announced that its chief executive and chief financial officer have resigned after initial findings in a probe found $2 billion belonging to its property unit subsidiary was redirected back to the group.

The news, announced Friday, comes as the company is already saddled with $310 billion in debt.