China's deeply indebted property giant Evergrande has been fined $576 million for fraudulent business practices, Beijing's top financial regulator said Friday. The CSRC said it had also imposed a maximum fine of $6.5 million on Evergrande founder Xu Jiayin, also known as Hui Ka Yan, banning him from the securities market for life.
Evergrande was once China's biggest real estate firm, a powerhouse in a sector that helped propel the country's rapid economic growth during recent decades. Photo: Pedro PARDO / AFP/FileEvergrande was once China's biggest real estate firm, a powerhouse in a sector that helped propel the country's rapid economic growth during recent decades.Struggling to repay creditors for years, it defaulted in 2021.
It said the firm had"failed to disclose regular reports as scheduled, failed to disclose major litigation and arbitration as required and failed to disclose failure to settle debts due as required".The CSRC said it had also imposed a maximum fine of $6.5 million on Evergrande founder Xu Jiayin, also known as Hui Ka Yan, banning him from the securities market for life.
Plans were also announced for local governments to acquire unused property in a bid to ease the financial burden for struggling firms.
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