China imposes $80B fine on Evergrande for inflating revenue

By Gokhan Ergocun

ISTANBUL (AA) – The China Securities Regulatory Commission has fined Evergrande Group around $80 billion for inflating revenue over two years before the developer defaulted on its debts.

The Chinese regulator has also prohibited the group's founder Xu Jiayin, also known as Hui Ka-yan, from the securities markets for life, the state-run Xinhua news agency said on Tuesday.

The same lifetime punishment was imposed on Xia Haijun, the ex-CEO of Evergrande.

Hui and Xia have each been fined 47 million yuan (about $6.5 million) and 15 million yuan (about $2 million), respectively.

The firm's four other senior management were also penalized with fines.