China Evergrande Chairman Under Police Surveillance As Company Faces Possible Liquidation

Evergrande chairman Hui Ka Yan has been placed under police surveillance for suspected illegal crimes.
Evergrande shares trading suspended in Hong Kong amid chairman's detention and company's deepening financial woes.
Creditors may join winding-up petition on October 30 if viable restructuring plan not presented, risking Evergrande's liquidation.
Evergrande subsidiaries also halted trading, and the company cannot issue new debt notes due to investigation.
China's property sector crisis and Evergrande's potential collapse raise concerns for economic recovery.