China’s Evergrande Shares Halt Trading After News That Chairman Under Police Surveillance

Evergrande’s chairman was reportedly taken away by Chinese police earlier this month and currently lives under surveillance at a secret location.

Evergrande's president Xu Jiayin, also known as Hui Ka Yan in Cantonese, attending a meeting in Wuhan, in China's central Hubei province on June 5, 2017. STR / AFP via Getty Images

Shares of the indebted real estate developer China Evergrande Group plummeted on Wednesday following reports that the company’s chairman is being held by the police.

Trading was then halted without explanation on Thursday morning for Evergrande Group and two of its Hong Kong-listed units, according to media reports.