Chinese authorities accuse Evergrande of inflating revenues by $80bn

Fraud: The company allegedly invented much of its turnover between 2019 and 2020. The Chinese stock market regulator has appointed both the real estate giant and the...

In addition, Hui Ka Yan was fined by the Chinese stock market supervision for various financial crimes with a fine of about six million euros. The company still has to pay more.

Beijing says Evergrande and its tycoon founder committed a $78 billion fraud. That would rank it as one of the biggest financial frauds ever.

China Evergrande founder Hui Ka Yan.Bobby Yip/ReutersBeijing has accused Evergrande of inflating revenue by $78 billion in 2019 and 2020.Regulatory authorities have fined Evergrande's founder and banned him from the securities market for life.The crackdown could serve as a warning to other defaulting developers in China's property crisis.It just seems to get worse and worse for fallen Chinese real-estate giant Evergrande.The developer, at one ti…

The real estate group is said to have made itself almost five times bigger than it actually was. The eyes of insolvency administrators and the anger of many Chinese people are now on the auditing firm PWC.

The notorious Chinese real estate tycoon Evergrande and its founder, Hui Ka Jan, were accused of maximizing profits, and in two years, the company was supposed to have maximized profits of about 78 billion dollars, and soon news broke that it had accumulated more than 300 billion dollars in debt that it could not recover, and now the liquidators are going to seize and sell the real estate, and with the buy-in, they're going to try to repay the o…