Market Chatter: China Transfers Detained Evergrande Chairman to Shenzhen

Chinese authorities transferred China Evergrande Group (HKG:3333) Chairman Hui Ka Yan to a detention facility in Shenzhen, The Standard reported Friday, citing two sources knowledgeable about the matter.

The transfer was said to help ease communication with Evergrande officials, the report said, citing one source. He was put under house arrest in Beijing following his arrest.

Hui, who helms the company at the center of China's property crisis, has not been seen publicly after authorities seized him a year earlier. His whereabouts were not previously reported, according to The Standard.

Authorities earlier fined Hui a total of 47 million yuan and banned him from the securities market for life. Evergrande has also been put in liquidation since January.

Hui is not yet known to have been charged with any crime, and it is still unclear whether he will remain in detention or be set free, the report said.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)