China Evergrande's electric car unit says vice chairman detained, stock slides

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei Sun/file photo

HONG KONG: China Evergrande New Energy Vehicle Group said on Monday its Vice Chairman Liu Yongzhuo has been detained and is under criminal investigation, sending its stock tumbling and marking another setback after a share sale plan was scrapped.

The detainment could also hurt its parent company, China Evergrande Group - the world's most indebted property developer whose offshore debt restructuring proposals comprise swapping part of its debt for equity in the EV arm. It has some $23 billion in offshore debt and more than $300 billion in total liabilities.