Evergrande losers take company executives hostage

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Via Straits Times:

Footage of Evergrande’s management being held hostage in company offices by anxious retail investors made the rounds on China’s social media earlier this week.

“I have with me Nanchang’s top Evergrande representative surnamed Chen,” said WeChat user Yang Qiwen, referring to the city in Jiangxi province in south-eastern China. The posting included a photo of a man lying on a floor.

“He can’t leave the office. There are more than 300 of us (investors) stopping him,” Yang added on one of at least three WeChat groups discussing the company’s dire straits.

It’s war!

Security personnel in the Chinese city of Shenzhen on Thursday took away protesters who gathered outside the headquarters of cash-strapped real estate developer China Evergrande Group.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.