Chinese Police Detain Staff of Evergrande Wealth Unit

(Bloomberg) — Authorities detained some staff of the money management business of China Evergrande Group, a sign that the saga around the defaulted developer at the heart of the nation’s property crisis has entered a new phase involving the criminal justice system.

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The company’s shares plunged as much as 25% as trading opened in Hong Kong, and then reversed. The stock was up 3% as of 11:20 a.m., paring this year’s decline to 61%.

Police in the southern city of…