After defaulting on its debt two years ago, Chinese real estate developer Evergrande was meant to be restructured and allowed to get back on its feet. But that plan now looks to be in peril, after police detained its chairman as well as staff at a financing subsidiary.
Shares in embattled Chinese developer Evergrande Group and its two subsidiaries were all suspended from trading in Hong Kong on Thursday, after fears grew about its ability to restructure its mammoth debt and stave off a liquidation of the business.
The Federal Reserve on Thursday admonished Tanner Winterhof, a former executive at VisionBank of Iowa, for allegedly falsifying documents, causing the bank to endure major losses. Despite VisionBank terminating him last year, Winterhof still managed to get another job at a bank.
Evergrande’s plan to restructure its massive debts is in trouble because of a regulatory probe into its main subsidiary, the embattled Chinese developer said Sunday.