Thursday’s announcement by Evergrande was as ominous as it was curt. Hui Ka Yan, the billionaire chair behind the indebted Chinese property group, was under unspecified “mandatory measures” for suspicion of “illegal crimes”.
The one-page release was typically short on details from a company that has been locked in an opaque restructuring process since it defaulted on its international debts two years ago. But between the lines, it captured a wider shift in mood.
This was intended to be the moment when after two years of fractious negotiations, investors were getting closer to a deal. Instead, the uncertainty over Hui is just one of a series of indicators that seem to make the fate of Evergrande more difficult to determine.
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