Chinese Regulators Crack Down on Evergrande Real Estate Group with Billions in Fines
Tuesday, 19 March 2024, 02:39
Evergrande Real Estate Group Fined for Financial Misconduct
Chinese regulators have intervened in the operations of Evergrande Group, led by chairman Xu Jiayin, due to allegations of financial fraud. The group has been hit with a significant fine of 4.18 billion yuan for issuing false information in its 2019 and 2020 annual reports, suspected fraud in corporate bond issuance, and failure to disclose required information promptly.
Regulatory Actions Against Xu Jiayin
- Xu Jiayin banned for life from securities market
- Fined 47 million yuan for financial misconduct
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.