HONG KONG, Sept 18 — Shares in Chinese property giant Evergrande plunged by around 25 per cent as markets opened in Hong Kong today, following the arrest of several of the debt-ridden company’s employees in China.
The drop comes two days after police in the southern Chinese city of Shenzhen said in a statement that several employees of Evergrande’s financial subsidiary, Evergrande Wealth Management, were arrested.The statement called on the public to report any cases of suspected fraud. Once a star player in an industry key to China’s economic growth, Evergrande’s enormous debt has been seen by Beijing as an unacceptable risk for the country’s financial system.
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