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The boss of Evergrande, the Chinese developer with astronomical debt, is under house arrest, the Bloomberg agency said on Wednesday, at a time when the group is facing increased pressure from its creditors. Evergrande, whose descent into hell regularly makes the headlines, had a colossal balance at the end of June estimated at 328 billion dollars (307 billion euros).
Billionaire Xu Jiayin (also known by his Cantonese name Hui Ka Yan) was taken away earlier this month by the authorities, Bloomberg writes, citing anonymous sources. Evergrande did not immediately react. In mid-September, the group announced the arrest of employees in one of its subsidiaries. The press release did not specify their number or what they are accused of. According to Caixin, a renowned economic media, two former Evergrande executives were also placed in detention.
The real estate sector in China has experienced meteoric growth in recent decades, in a country where the purchase of a property even before its construction makes it possible to finance other projects. But the groups' debt has reached such levels that the authorities have decided to put an end to it from 2020. Since then, access to credit has been considerably reduced for these groups, some of whom are now struggling to complete the construction sites, fueling a crisis of confidence with potential buyers which is dragging down prices.
This unprecedented crisis in real estate has affected in recent months the other heavyweight in the sector, Country Garden, long known to be financially solid. On Monday, a subsidiary of Evergrande announced that it was unable to repay interest on a loan, increasing pressure on the group before a hearing scheduled for the end of October of Evergrande's creditors before the courts in Hong Kong.
