Evergrande Chairman Hui Ka Yan was taken away earlier this month and is being monitored at a designated location, people familiar with the matter said on Wednesday. It’s not clear why Hui is under so-called residential surveillance, a type of police action that falls short of formal detention or arrest and doesn’t mean Hui will be charged with a crime.
China Evergrande Group and its units suspended trading in Hong Kong, a day after people familiar with the matter said the property giant’s founder had been taken away by police.
No reason was given for the halt in a notice to the Hong Kong stock exchange on Thursday.
