Last month Xu Jiayin, the chairman of China’s real estate giant Evergrande Group, was arrested along with several of its top executives based on suspicion of financial illegalities. This has been seen as peculiar since Mr. Xu—also called Hui Ka Yan—was known to be a fervent supporter of the ruling Chinese Communist Party (CCP). However, analysts believe the Party’s upper echelon withdrew from Mr. Xu because of his affiliation with Chinese leader Xi Jinping’s rival political faction. This affiliation, combined with how Mr. Xi remains critical of Evergrande’s business practices, has contributed to Mr. Xu’s dwindling support and mounting difficulties that he may not recover from....Read more https://www.theepochtimes.com/china/analysis-factional-politics-spell-trouble-for-evergrande-chairman-5514308