China Evergrande's founder given life ban by CSRC

Hui Ka Yan has been fined $6.53m and banned from the securities market by the China Securities Regulatory Commission, after unit Hengda Real Estate was found to have falsified revenue for the 2019 and 2020 financial years by over...

Lynk Lynk
Mar 19, 2024 - 21:02
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China Evergrande's founder given life ban by CSRC

Hui Ka Yan has been fined $6.53m and banned from the securities market by the China Securities Regulatory Commission, after unit Hengda Real Estate was found to have falsified revenue for the 2019 and 2020 financial years by over $70bn.

March 19, 2024

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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