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Real estate firm’s bosses quit amid probe into property unit – Business Insurance

Real estate firm China Evergrande Group’s chief executive Xia Haijun and chief financial officer Pan Darong have resigned after an initial probe found their involvement in misusing $2 billion held by its subsidiary Evergrande Property Services, U.S. News reported citing The Associated Press. The funds were used as collateral to guarantee a series of loans. The money was then redirected to the embattled firm through a third party.

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