Chinese authorities accuse Evergrande of inflating revenues by $80bn
- Hengda Real Estate faces a penalty of 4.175 billion yuan for allegedly fabricating billions in sales, according to filings to the Shenzhen Stock Exchange.
- Evergrande Group's founder and chairman, Xu Jiayin, was fined 47 million yuan, while former executive Xia Haijun was banned from the securities markets for life.
- The China Securities Regulatory Commission uncovered the largest financial fraud case in mainland China's securities markets, resulting in penalties for Hengda, Xu, and other executives.
43 Articles
43 Articles
The Chinese real estate giant, Evergrande, was fined by the Chinese Securities Regulatory Commission over 500 million dollars (about 460 million euros) for falsifying revenues of more than 78 billion dollars and securities fraud in the two years before the start of the group's crisis
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.
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