Evergrande’s chairman suspected of illegal crimes

A day after China Evergrande’s shares were suspended in Hong Kong, the beleaguered Chinese property firm revealed that its director and executive chairman is under scrutiny over suspected crimes.

Hui Ka Yan “has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes,” Evergrande said in a statement to the Hong Kong Stock Exchange late Thursday.

As such, the company’s shares will remain suspended until further notice.

This follows a Bloomberg report on Wednesday that said Hui had been “placed…