CEO of Chinese real estate giant #Evergrande resigns.

Siu Shawn, an executive director at the company, will take over, according to a statement Friday, which added that Chief Financial Officer Pan Darong was also forced to resign.

Evergrande had been investigating how 13.4 billion yuan ($1.99 billion) of its deposits were used as security for third parties to obtain bank loans, which some borrowers then failed to pay back. The pledge guarantees threatened to wipe out most of the cash holdings at its property-services unit.

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A filing Friday said that the board requested that Xia, Pan and another executive resign as a result of information about their involvement in arranging the pledges obtained from the preliminary investigation. The company said its independent investigation committee will issue a report once the probe is finished.


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