China Evergrande Group founder, chairman and executive director Hui Ka Yan has been handed a ban from the securities market for life and fined Rmb47 million $6.53 million after the China Securities Regulatory Commission CSRC accused one of the group's units, Hengda Real Estate Group Hengda, of inflating results, securities fraud and failing to make timely disclosures.
Evergrande's mainland China division Hengda inflated its revenues by around Rmb214 billion $29.7 billion in 2019, and by a further Rmb350 billion in its 2020 annual results, according to a statement put out by Evergrande on the Shenzhen Stock Exchange, relating to the CSRC report. The CSRC placed much of the blame...
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