Posted 3/19/2024, 11:12:00 AM
Evergrande Founder Detained and Fined over $78 Billion Fraud as China's Most Indebted Developer Collapses
- Evergrande and its founder fined over $78bn fraud allegations of inflating revenues
- Evergrande chair Hui Ka Yan detained, fined $6.5m, and banned from China's markets for life
- Evergrande world's most indebted property developer with over $300bn in debts
- Regulators allege Evergrande overstated revenue by nearly $30bn in 2019 and by 80% ($48.6bn) in 2020
- Evergrande struggled to repay debts from Sept 2021; put into liquidation in Hong Kong in late January
