Jul 23, 2022 06:22 PM

China Evergrande CEO, CFO Exit in Internal Probe of Deposit Use

Xia Haijun. Photo: VCG
Xia Haijun. Photo: VCG

(Bloomberg) — China Evergrande Group’s Chief Executive Officer Xia Haijun was forced to resign as the embattled property developer tries to strike a restructuring deal to resolve $300 billion of liabilities that have roiled the nation’s real estate market.

Siu Shawn, an executive director at the company, will take over, according to a statement Friday, which added that Chief Financial Officer Pan Darong was also forced to resign.

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