China's Embattled Property Developer Evergrande Falls In Deeper Pit: Police Detains Wealth Management Staff
Portfolio Pulse from Vandana Singh
China Evergrande Group's (OTCEM:EGRNF) wealth management division employees have been detained by Chinese authorities, marking the first criminal investigation against the company since its debt crisis in 2021. The detentions could indicate a new investigation that could further compound Evergrande's existing problems. Evergrande's current valuation stands at approximately HK$ 8.2 billion, a significant decline from its peak in 2017.
September 18, 2023 | 11:55 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Evergrande's employees' detention could lead to a new investigation, further compounding the company's existing problems. This could negatively impact the company's stock price.
The detention of Evergrande's employees marks the first criminal investigation against the company since its debt crisis in 2021. This could lead to further legal and financial complications for the company, potentially negatively impacting its stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100