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9/22, 6:15 PM (Source: TeleTrader)
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Chinese government to take control of Evergrande - report

The Chinese government is expected to take control of the Evergrande Real Estate Group within days, according to a report published by Asia Markets on Wednesday.

"The deal is being designed to protect Chinese nationals who have bought apartments from Evergrande, like the ones you see protesting on the streets and also those who have invested in Evergrande's wealth management products," one of the sources cited in the report noted.

Evergrande will be restructured into a state-owned company under the deal, while getting split into three separate entities. The news comes after the firm's potential collapse prompted major market crashes across the globe earlier this week.

Breaking the News / ND