Indonesian authorities announced on Tuesday that they have detained a Chinese real estate executive who was internationally wanted in connection with a corporate loan default totaling nearly $138 million. The 58-year-old man, identified only by the initials WZ, was arrested on the Indonesian island of Batam on Thursday following a request from the Chinese embassy in Jakarta. According to Agus Waluyo, Indonesia’s immigration intelligence director, WZ is the former president and director of a Chinese real estate firm that failed to repay 980 million yuan (approximately $137.8 million) in loans.
After a police investigation identified him as a financial crime suspect, WZ reportedly fled China, prompting a wanted notice. Indonesian officials confirmed that WZ had been moving between several Asian countries since August before entering Indonesia on October 7. He is currently being held for further investigation by the Directorate General of Immigration. The arrest comes amid a prolonged crisis in China’s property sector, where excessive debt has led to the collapse or near-collapse of major players developers like Evergrande, shaking the Chinese economy.
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