Chinese regulators accuse Evergrande of inflating revenues by $80bn and fine its founder Hui Ka Yan.
Chinese regulators have accused Evergrande, the world's most indebted property developer, of inflating its mainland Chinese revenues by nearly $80 billion over 2019 and 2020. The China Securities Regulatory Commission plans to impose a $580 million fine on Hengda Real Estate, Evergrande's mainland business, and accuses Hui Ka Yan, Evergrande's founder and once China's richest man, of facing a lifetime ban from the country's markets and a $6.53 million fine for "instructing other personnel" to inflate the company's metrics.
March 18, 2024
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