Ke Pengchuan, a senior executive of Evergrande Group, was arrested by the police, allegedly involved in the 600 billion yuan old Shenzhen renovation project.

(Bloomberg)

[Financial Channel/Comprehensive Report] Ke Pengchuan, the former executive president of the Chinese developer Evergrande Group, was taken away by the police for investigation. It is said that he was involved in Evergrande’s 600 billion yuan (TWD 2.7 trillion) Shenzhen old renovation and development affairs.

According to "Feng Net" citing sources, Ke Peng is a real estate executive with a "media background". From 2001 to 2008, he worked in Bank of China and Xinhua News Agency; in 2008, he joined Evergrande Group.

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In March 2021, Hengda Property, a subsidiary of Evergrande, has provided a pledge deposit for a third party since the outbreak of approximately 13.4 billion yuan in deposits, and has been enforced by the bank.

Because of this incident, Ke Peng resigned as the executive president of Evergrande Group. At that time, Xia Haijun, the former executive director and chief executive officer of China Evergrande, and other senior executives also resigned.

According to Chinese media reports, similar news came out more than a month ago, and it is true that Ke Peng has not appeared on various occasions of the company recently.

This is the second time that Ke Peng has been investigated.

The insider said that when Ke Peng left his job last year, he was taken away for investigation. Ke Peng pleaded with Xu Jiayin and was later released.

Xu Jiayin, chairman of Evergrande, published an open letter on New Year's Day in 2023, encouraging employees to complete the task of handing over the house, repaying various debts, and defusing risks.

Ke Peng was arrested by the police again, which shows that the internal problems of Evergrande Group are still very complicated.

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