In a major setback for China Evergrande Group, its shares plummeted by 25% on Monday following the detainment of several employees from its wealth management unit by the police. This unexpected development indicates a potential new investigation that could further magnify the problems faced by the embattled property developer.
China Evergrande Group has been grappling with a series of difficulties recently, including a mounting debt crisis and struggles to repay its investors. The detention of its wealth management staff only adds to the company’s troubles, raising concerns about potential misconduct or irregularities within the unit.
With shares taking a significant hit, China Evergrande Group will face increased pressure to address its mounting challenges and reassure investors. The ongoing investigation will likely cast a further shadow on the company’s already uncertain future, making it imperative for the developer to take swift and proactive steps to restore confidence and stability.
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