China Evergrande shares tumble 25% after wealth management staff detained

2 months ago 73

Reuters

September 18, 20231:42 AM UTCUpdated ago

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing Rights

HONG KONG, Sept 18 (Reuters) - Shares of embattled developer China Evergrande Group (3333.HK) plunged 25% on Monday after police detained some staff at its wealth management unit, suggesting a new investigation that could add to the property company's woes.

The stock was down 25% at HK$0.465 in early morning trade, the lowest in two weeks.

Reporting By Donny Kwok, Editing by Anne Marie Roantree and Muralikumar Anantharaman

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