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

(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.