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AP-National

China’s stock watchdog fines property developer Evergrande, slaps lifetime ban on its chairman

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Published 4:20 AM

By ELAINE KURTENBACH
AP Business Writer

BANGKOK (AP) — Troubled property developer China Evergrande Holding says Beijing’s stock watchdog has fined it 4.2 billion yuan ($333.4 million) for allegedly falsifying its revenue, among other allegations. The company said in a release to mainland Chinese stock exchanges that its chairman, Hui Ka Yan, was fined 47 million yuan ($6.5 million) and banned from China’s markets for life. Hui, also known as Xu Jiayin, was detained by authorities for suspected “illegal crimes” in late September. Separately, a Chinese media report said police had detained suspects in a case related to financial conglomerate Zhongzhi Enterprise Group. Caixing Global, a financial news outlet, said the investigation aims to recover billions in investor losses.

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