China Evergrande fraudulently boosted sales, regulator says

Evergrande's 2021 default helped spark a property crisis in China. (Image: Getty)

Wed, 20 Mar 2024

By Rebecca FengChina Evergrande Group faces a potential fine of more than NZ$953 million after Chinese regulators found its most important subsidiary had fraudulently boosted sales and profit in the years before the property company’s spectacular collapse.The securities regulator is also banning Evergrande’s founder and former chairman, Hui Ka Yan, from the financial markets for life, according to a filing late Monday by Hengda Real Estate, the company’s main operating vehicle inside China.The China Securities Regulatory Commi...

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