Evergrande wealth management staff detained amid ongoing debt crisis

China Evergrande Group, the world’s most heavily indebted property developer, finds itself under increased scrutiny as staff from its wealth management unit have been detained by the police in southern China.

Shenzhen City Police said in a social media statement on Saturday night that public security organs took criminal compulsory measures against China Evergrande general manager Du Liang and other suspected criminals at Evergrande Financial Wealth Management Co. Details regarding the number of individuals apprehended and the charges brought against them were not specified.

According to the reports of protests by investors at China Evergrande’s Shenzhen headquarters in 2021, Du Liang was identified by staff as the general manager and legal representative of the wealth management division. It…