The massively indebted Chinese real estate group Evergrande has been fined millions for fraud. The regulator CSRC announced this on Friday. “Between 2019 and 2020, Evergrande Real Estate falsely inflated its revenue and profit by booking revenue prematurely,” CRSC said.
This led to the “fraudulent issuance of bonds”. Evergrande is to pay a fine equivalent to 532 million euros. The company is symbolic of the Chinese real estate crisis. Its liabilities amount to 307 billion euros.
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Source: Nachrichten
