Debt Crisis Deepens for Evergrande as Chairman Faces Investigation Over Offshore Assets

China Evergrande Group Chairman, Hui Ka Yan, is under investigation for transferring assets offshore while the company struggles to complete unfinished projects. This has complicated the process of restructuring its offshore debt. Evergrande is pressured by creditors to submit a new debt restructuring plan by the end of October or face liquidation. The company's financial troubles highlight the debt crisis in China's property sector, which significantly contributes to the country's economy. Trading in Evergrande's shares and two of its units has been suspended after reports of the chairman being taken away by the police.