Police do not list charges against arrested workers but urge public to report any suspected fraud
Police in China have arrested several employees at a subsidiary of, the troubled property giant that is struggling under debts running into the hundreds of billions of dollars.
Police in the statement also urged the public to report any cases of suspected fraud to the authorities.Evergrande’s enormous debt has contributed to the country’s deepening property market crisis, raising fears of a global spillover. But the massive debt accrued by the industry’s biggest players – Evergrande had estimated debt of $328bn at the end of June – has been seen by Beijing in recent years as an unacceptable risk for China’s financial system and overall economic health.
Another Chinese property giant, Country Garden, has narrowly avoided default in recent months, after reporting a record loss and debts of more than $150bn.
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