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China Evergrande Group exaggerated its revenue by more than $78 billion and committed securities fraud over two years before its spectacular collapse in 2021, a top Chinese regulator said.
“The China equity trade is back.” Or at least so says Société Générale, which reckons Beijing’s recent efforts to fix the property crisis has moved Asia’s biggest economy beyond the “confidence crisis” that dominated China’s market narrative in 2023.
Economists already think China’s latest plan to end its property crisis is too little, too late – again.
China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures.
Shitong Qiao is a professor of law at Duke University in Durham, North Carolina and author of the forthcoming "The Authoritarian Commons: Neighborhood Democratization in Urban China" (Cambridge University Press).
After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. It’s a big moment. Evergrande’s collapse in 2021 sent China’s housing market into a tailspin. The worries in real estate, where most households put their savings, helped tip the economy into a downturn.
HONG KONG (AP) — A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors.
(Reuters) -- China Evergrande New Energy Vehicle Group said on Monday Liu Yongzhuo, an executive and vice chairman, has been detained on suspicion of "illegal crimes" but did not elaborate.