Still, the embattled billionaire is said to be unable to leave his residence or communicate with others without approval. He must also surrender his passport and identification card to the police. The period of time for being held under surveillance may not last more than six months based on Chinese law.

Evergrande did not respond to repeated requests for comment. This latest turn of events threatens to further upend the company’s restructuring plans. Just last week, Evergrande scrapped a key creditor meeting at the least minute, and said it can’t issue new notes as originally planned because an onshore subsidiary is being investigated for an unspecified matter.

The company, which is holding $327 billion in total debt, is facing the risk of liquidation. …



Published to The Liberty Beacon from EuropeReloaded.com