(Bloomberg) -- China Evergrande Group, the embattled property developer, said chief executive officer Xia Haijun has resigned.
Siu Shawn, an executive director at the company, will take over, according to a statement Friday. Chief Financial Officer Pan Darong also resigned, with the company attributing both moves to their “involvement in the arrangement of the pledges.”
Evergrande is at the center of a debt crisis that’s spreading among China’s property developers following a regulatory crackdown on excessive borrowing in the industry. The world’s most indebted developer faces a lengthy restructuring after being labeled a defaulter in December.
The company’s cash crunch has become a focus for global investors, concerned that a collapse might roil the financial system and curb growth in the world’s second-largest economy, which depends on the housing market for about a quarter of gross domestic product.
©2022 Bloomberg L.P.
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