Evergrande Plunges After Police Detain Some Staff of Wealth Unit

(Bloomberg) — China Evergrande Group shares plunged as much as 25% after authorities detained some staff of its money management business, a sign that the saga around the defaulted developer at the heart of China’s property crisis has entered a new phase involving the criminal justice system.

The stock slid 9.7% as of 10:03 a.m. in Hong Kong, erasing almost half of a recent jump after China rolled out support for the property sector.