Evergrande founder investigated for ‘illegal crimes’

The founder and chair of Evergrande is being investigated for potential “illegal crimes”. Hui Ka Yan, who set up the developer in 1996, has been put under a form of house arrest. In a statement, Evergrande said: “The company hereby announces that it has received notification from relevant authorities that Mr Hui Ka Yan… has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes.” It is the first time Evergrande, which is struggling under a $300bn debt mountain, has acknowledged that its chair was being investigated by the authorities. The company’s Hong Kong-listed shares were suspended earlier in the day after reports of Hui Ka Yan’s house arrest emerged. The Times (£)The FT (£)