China regulator to ban Evergrande chair from securities market for life

Mar18,2024



Beijing: Chinese regulators to impose sanctions on chairman of property giant Evergreen From securities market A subsidiary of the company said on Monday that the life-troubled company will be fined heavily.
China Securities Regulatory Commission (CSRC) “plans to rule in favor of issuing a lifetime ban to (the Chairman) from entering the securities market xu jiyin“, the company's flagship unit Hengda Real Estate said in a filing to the Shenzhen Stock Exchange.
“Evergrande has received advance notice from the CSRC of administrative penalties and market sanctions targeting illegal and unlawful practices,” the filing said.
The company “will be ordered to make improvements and face a warning as well as a fine of 4.175 billion yuan ($580 million)”.
According to the filing, the verdict will conclude that Xu “decided and organized the implementation of financial fraud, using particularly grave means and under particularly grave circumstances”.
He “will also be issued a warning and fined 47 million yuan”.
Evergrande's massive debt has become a powerful symbol of the years-long crisis in China's property market – which is weighing on the world's second-largest economy.
In January, a Hong Kong court issued an order to shut down Evergrande, although the company said its operations in the mainland would be unaffected by the ruling.



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