Troubled property developer China Evergrande Holding says Beijing's stock watchdog has fined it 4.2 billion yuan ($333.4 million) for allegedly falsifying its revenue, among other allegations. The company said in a release to mainland Chinese stock exchanges that its chairman, Hui Ka Yan, was fined 47 million yuan ($6.
FILE - A man walks past a depiction of Evergrande properties across a China map at a partially shuttered Evergrande commercial complex in Beijing, on Jan. 29, 2024. Troubled property developer China Evergrande Holding says Beijing’s stock watchdog has fined it 4.2 billion yuan for allegedly falsifying its revenue, among other allegations. BANGKOK — Troubled property developer China Evergrande Group says Beijing’s stock watchdog has fined it 4.
The fallout from the property crisis has also affected China’s shadow banking industry — institutions that provide financial services similar to banks but operate outside of banking regulations. A Hong Kong court ordered Evergrande into liquidation in late January after efforts to restructure its foreign debt failed.
The government has stepped up support for the real estate industry, listing thousands of projects eligible for loans from state banks that stepping up to help contain the damage. Party leaders have emphasized that they want to ensure that families are able to obtain housing they have paid for.
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