China Evergrande says boss suspected of crimes

BEIJING - Xu Jiayin, board chairman and executive director of China Evergrande Group, is under investigation for suspected illegal activities and has been subjected to lawful enforcement measures, the company said in a notice to investors published on the Hong Kong Stock Exchanges' website on Thursday.

"The Company has received notification from relevant authorities that Mr Hui Ka Yan... has been subject to mandatory measures in accordance with the law due to suspicion of illegal activities," the company said in a statement to the Hong Kong Stock Exchange, using Xu's Cantonese name.

China Evergrande Group said that the trading of its shares on the Hong Kong Stock Exchange has been suspended from 9:00 am on Thursday, and will remain suspended until further notice.