As the property giant Evergrande continues to be squeezed by recurring problems, there is also unpleasant news regarding
its chairman.
Hui Ka Yan, who is also a billionaire, has reportedly been placed under police custody, according to Bloomberg.
According to sources familiar with the case, Hui is currently being monitored at a designated location. However, it is still unclear why he was under such surveillance.
However, the oversight does not mean that Hui will be charged with crime.
The move means he cannot leave a place, meet or communicate with other people without passing, according to China's Crime Procedures Law.
According to the law, passports and identification cards must be submitted to the police but the process must not exceed six months.
This comes after Chinese authorities stepped up their involvement in the ongoing Evergrande crisis and detained members of the financial giant's subsidiary.
Evergrande is currently working to restructure the company, but a critical decision on whether to recover its offshore debt has been postponed until October, leaving the process limited.
