Discontent from retail investors in Evergrande is reportedly escalating with the latest hostage situation where the troubled property giant’s employees have been held captive in a management office.
Following reports of weekend protests which escalated to the storming of Evergrande’s headquarters, investors have now resorted to holding its management hostage, according to a «Straits Times» report citing social media posts.
«I have with me Nanchang’s top Evergrande representative surnamed Chen,» said Yang Qiwen in a WeChat group, referring to a city in the southeast province of Jiangxi. «He can’t leave the office. There are more than 300 of us [investors] stopping him.»
The post includes photos of a man lying on the floor and bed, believed to be Chen.
Continued Market Descent
Meanwhile, Evergrande is also suffering within markets after repeated trading freezes by the Shenzhen and Shanghai stock exchange due to excessive volatility.
Yesterday, Hengda Real Estate Group – Evergrande’s main unit – applied to suspend the trading of its onshore corporate bonds following a downgrade.
