Shares of China Evergrande suspended as chairman under police surveillance

Trading in shares of China Evergrande was suspended on Thursday after a report its chairman had been placed under police surveillance, intensifying concerns over the developer’s future as it struggles with a growing threat of liquidation.

On Wednesday, Bloomberg News reported that Hui Ka Yan, who founded Evergrande in 1996, was taken away by police this month and was being monitored at a designated location

The report said it was not clear why Hui was under surveillance. Reuters could not immediately verify the news.