Evergrande Chairman Suspected of Committing Crimes, Latest in Saga of China’s Real Estate Collapse

Trading of Evergrande stock and two of its Hong Kong-listed units had been abruptly suspended without explanation amid growing concerns for the future.

Xu Jiayin, chairman of the board of Evergrande Group, speaks during a news conference on the sidelines of the fourth session of the 12th National People's Congress in Beijing on March 6, 2016. Etienne Oliveau/Getty Images

China Evergrande Group announced on Sept. 28 that its chairman and founder has been suspected of committing crimes, confirming reports that Hui Ka Yan was under police surveillance.

It stated that “relevant authorities” notified the company that Mr. Hui, also known as Xu Jiayin, is subject to “mandatory measures in accordance with the law due to suspicion of illegal crimes.”