Chinese police detain Evergrande wealth unit staff

Shares in the property development fund plunged before recovering

Evergrande is at the centre of a credit crisis that has torn through China’s real estate sector

Authorities in China have detained some staff of the money management business of China Evergrande Group, the developer at the heart of the nation’s property crisis.

The company’s shares plunged as much as 25 per cent as trading opened in Hong Kong, and then reversed. The stock was up 3 per cent as of 11:20am local time, bringing this year’s total decline to 61 per cent.

Police in the southern city of Shenzhen said in ...