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Hui Ka Yan was also fined 47 million yuan (about six million francs) by the China Securities and Exchange Commission for various financial crimes, the company announced on Monday. Additionally, the stock market regulator fined the company 4.2 billion yuan (about 520 million francs) and punished other executives.
Evergrande was said to be accused of, among other things, artificially increasing its sales by more than 560 billion yuan (about 69 billion francs) in 2019 and 2020. The real estate developer is said to have issued bonds based on these false statements. Additionally, the company did not provide timely information about annual and six-month results, legal disputes and outstanding debts. Hui was placed under police surveillance last September. It was unclear whether other penalties would follow.
China’s real estate industry is in a serious crisis. Evergrande is one of the giants of the sector and its debt is over 300 billion euros. In January, a Hong Kong court ordered the company’s closure following complaints from creditors. However, it is unclear whether the decision will apply to mainland China, where Evergrande does most of its business.
The crisis in the sector, which accounts for approximately one-fifth of the country’s annual economic production, is dealing a heavy blow to the world’s second largest economy. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
