China has placed Hui Ka Yan, the billionaire founder of Evergrande, under police surveillance as fears grow over the fate of the Shenzhen group, already at risk of survival.
This is reported by Bloomberg, anonymously citing people familiar with the situation.
Hui, whose Mandarin name is Xu Jiayin, was picked up by officers in early September and is being monitored at a designated location under a state of home surveillance that does not lead to arrest or specific criminal charges.
The measure means he cannot leave the country, meet or communicate with others without approval based on China’s criminal procedure law. According to the law, passports and identification cards will be handed over to the police and the process should not exceed 6 months.
This is another blow to Hui, who controlled one of the world’s largest fortunes at its peak in 2017.
Once considered among the most politically connected businessmen in China with ambitions ranging from electric cars to football, the tycoon has now become the most high-profile victim of President Xi Jinping’s crackdown.
Evergande is the largest developer of real estate debt in the world, with liabilities in excess of $300 billion.