China Evergrande Chairman Faces Lifetime Ban Amid Financial Irregularities

China Evergrande Group, a troubled property developer, has been fined 4.2 billion yuan ($333.4 million) by Beijing's stock watchdog for allegedly falsifying revenue and other violations.

Hui Ka Yan (right), also known as Xu Jiayin, has been fined 47 million yuan ($6.5 million) and banned from China's markets for life. I Photo: PR Newswire

Elaine Kurtenbach reported for the Associated Press (AP) that the company's chairman, Hui Ka Yan, also known as Xu Jiayin, has been fined 47 million yuan ($6.5 million) and banned from China's markets for life.

The fine and ban come amidst a larger effort by Chinese authorities to clean up the troubled financial sector.

Evergrande, known as the world's most indebted property developer with debts exceeding $300 billion, has faced significant challenges amid official pressure to curb excessive borrowing.

Dozens of Chinese companies have collapsed since 2020 under pressure from the ruling Communist Party to rein in risky borrowing practices seen as a threat to the economy.

The ruling by the China Securities Regulatory Commission, under the leadership of new chief Wu Qing, reflects a tougher stance on market misbehavior and financial irregularities.

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