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NEW YORK: China Evergrande Group’s chief executive officer Xia Haijun was forced to resign as the embattled property developer tries to strike a restructuring deal to resolve US$300bil (RM1.3 trillion) of liabilities that have roiled the nation’s real estate market.

Siu Shawn, an executive director at the company, will take over, according to a statement, which added that chief financial officer Pan Darong was also forced to resign.

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Evergrande had been investigating how 13.4 billion yuan (US$1.99bil or RM8.9bil) of its deposits were used as security for third parties to obtain bank loans, which some borrowers then failed to pay back. — Bloomberg

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