Chinese property giant Evergrande fined $576 mn for 'fraud' [Yahoo! Finance]
COUNTRY GARDEN HL UNS/ADR (CTRYY)
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Source: Yahoo! Finance
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. But its spiralling debt became emblematic of a prolonged crisis in China's real estate sector. Struggling to repay creditors for years, it defaulted in 2021. China's Securities Regulatory Commission (CSRC) said Friday that, between 2019 and 2020, the firm "falsely increased its revenue and profit by prematurely recognising revenue, resulting in the fraudulent issuance of bonds publicly offered on the exchange market". 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. Turmoil in China's property sector
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