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China Evergrande downplays impact of staff arrests in Shenzhen

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China Evergrande downplays impact of staff arrests in Shenzhen, as property management unit warns on debts

Police in China have detained – for the first time – a number of employees at China Evergrande WealthMeanwhile Evergrande Property Services, the property-management affiliate of China Evergrande Group, warns on debtsChina Evergrande GroupCheryl ArcibalPublished: 1:03am, 19 Sep, 2023Why you can trust SCMP

Indebted property giant China Evergrande said that the arrest of certain members of staff from its insurance unit Evergrande Wealth Management would have no impact on its operations, according to a filing by the property developer with Hong Kong Exchanges and Clearing (HKEX).

Meanwhile Evergrande Property Services, the property-management affiliate of China Evergrande Group, said it remains uncertain whether it can meet its debts in the next 12 months after securing 13.4 billion yuan (US$1.84 billion) in loans for the embattled developer, according to a separate exchange filing on Monday.

China Evergrande said that the detention of personnel from Evergrande Wealth Management, its wholly-owned subsidiary, “will not affect the company’s operations”.

Police in China detained – for the first time – a number of employees at China Evergrande Wealth two weeks after the group again failed to make payments on its investment products.

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