China Cracks Down on Evergrande and Founder Hui Over Alleged $78B Inflated Revenue
- Beijing accuses Evergrande of inflating revenue by $78B in 2019 & 2020
- Evergrande founder Hui Ka Yan fined $7M and banned from securities market
- Hui accused of "particularly egregious" falsification of financial info
- Regulators levy $6B fine on Evergrande's main onshore unit Hengda Real Estate
- Crackdown could serve as warning to other defaulting developers in China's property crisis