Top exec at Evergrande's car unit detained

China Evergrande New Energy Vehicle Group (0708) said yesterday 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 China Evergrande (3333), the world's most indebted property developer whose offshore debt restructuring proposals comprise swapping part of its debt for equity in the EV arm.

Evergrande NEV said Liu has been detained on suspicion of "illegal crimes" but did not elaborate further.

The automaker's shares, which were suspended from trade in the morning session pending the statement, fell as much as 23 percent in the afternoon but pared losses to be last down 7 percent.

In other news, embattled mainland developer Dalian Wanda continued to dispose of its assets, selling one of its malls in Shunde to Midea Real Estate (3990), mainland media reported.