Indebted China developer giant Evergrande downplays impact of staff arrests in Shenzhen

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Chinese police have detained, for the first time, several staff of Evergrande Wealth, an insurance unit of the indebted Chinese property giant Evergrande. The arrest on September 16, 2023, in Shenzhen came two weeks after the group once again failed to meet payments on its investment products. Parent company Evergrande Group said on September 18 that  the detention would “not affect the company’s operation”.