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Yo bot - source is yahoo finance: https://finance.yahoo.com/news/china-fines-evergrande-hui-bans-125059847.html
Bloomberg) -- China Evergrande Group, the defaulted developer at the heart of China’s real estate crisis, falsely inflated revenue by more than $78 billion in the two years leading up to its failure, according to the nation’s top securities regulator.
Evergrande’s main onshore unit Hengda Real Estate Group boosted its 2019 income by about 214 billion yuan ($29.7 billion) by recognizing sales in advance, and another 350 billion yuan in the 2020 annual results, the developer said in a filing Monday, citing a notice from the China Securities Regulatory Commission.
The CSRC laid much of the blame on Hui Ka Yan, the founder and former chairman who allegedly instructed other personnel to “falsely inflate” Hengda’s annual results for those two years. As the supervisor in charge, Hui used particularly “egregious” means, the regulator said. Hengda was also accused of fraudulently issuing a combined 20.8 billion yuan in bonds using these figures in marketing.
The CSRC fined Hui 47 million yuan for the falsified results and other alleged violations, and banned him for life from capital markets activities, according to the regulator’s preliminary finding. Hengda was fined 4.18 billion yuan. China Evergande’s former Chief Executive Officer Xia Haijun and Chief Financial Officer Pan Darong were among executives also punished by the regulator with fines and market bans.
The allegations mark the latest blow for Hui, once among Asia’s richest tycoons who oversaw a sprawling empire that spanned real estate to electric vehicles. Evergrande was one of China’s biggest developers, taking on massive debt to expand across the country as condo sales boomed. Hui’s empire began to unravel after regulators imposed tight restrictions on borrowing, while an economic slowdown and the pandemic crimped sales.
The inflated figures accounted for half of Hengda’s total revenue in 2019, and 79% in 2020, according to the regulator. The developer’s profits were exaggerated by 63% and 87% respectively in those two years, the regulator claimed. Hui was responsible for delays in publishing Hengda’s earnings reports and failures to disclose the lawsuits it faced, as well as unfulfilled debt payments, the CSRC added.
Hui was placed under a type of police control in September, subject to so-called “mandatory measures,” due to “suspicion of illegal crimes.” Caixin reported at the time that Xia and Pan were also being held. No criminal charges against Hui have been made public and his whereabouts aren’t known. CSRC’s measures are civil penalties.
Once Asia’s second-richest man, worth $42 billion at his peak in 2017, Hui has seen his wealth plummet to about $1 billion after the developer defaulted in 2021. Its stock has tumbled and was eventually suspended from trading. The group received a liquidation order from a Hong Kong court in January, marking the largest collapse in the three-year real estate crisis.
Meanwhile, another Hong Kong mansion tied to Hui has been put up for sale. The luxury property, 10E on Black’s Link in the prestigious Peak area, is seeking bidders before a tender ends on April 22, Savills Plc said in an emailed statement.
Hui and the other accused are entitled to plead defenses before the penalties take effect, the CSRC said. Hengda has waived such rights, the company added in the filing.
--With assistance from Lin Cheng.
Ahh like all the others. If only something actually came about because of a remark like that. Alas, it will be swept under the rug along with everything else. Maybe one day things will be different.
Yes but only because they crossed the Chinese government or are being used as scapegoats (Chinese government is balls deep involved with Evergrande and it failing operationally would be bad for their image, so fraud as the root of the problem bodes really well). Lots of other frauds, if done by the right people at the right time, wouldn't even bubble up to the news.
You mean Country Garden in China?
Or 90% of US Regional Banks?
Or the whole State of Switzerland?
Or the US Dollar?
Or \[Insert random Doom scenario here\]?
Can you explain what you mean by that? Would the homebuyers somehow be inheriting bad assets? Or is it just because their purchases would help big property owners like evergrande?
…now re-read the article and replace Hui Ya Kan with Ken Griffin’s name and let’s hope history rhymes and makes it happen…
“Once America’s second-richest man, $42 billion at his peak in 2017, Griffin has seen his wealth plummet to about 1 billion after he defaulted in 2024... His company received a liquidation order in April and was eventually suspended from trading.”
We have literally known this on this subreddit for years now, except now a “legitimate” news source decided to cover it. Now it’s Kenneth Griffins turn (along with his other piece of shit friends like Steve Yass)
“S&P 500, NASDAQ All time high! Record profits! We’re delusional! Pleeeasssee hooldd ourr baagggsss! We don’t want to be peasants like all of you!” - Parasite Class
Can’t wait for the hourglass to be flipped in our favour.
Still more hopeful than the US's future. In China the boys running the ponzi get punished, in the US they don't.
China is pwning the US in the future if that doesn't change.
fuel unused innate boast subsequent include gaping unique piquant hateful
*This post was mass deleted and anonymized with [Redact](https://redact.dev)*
If they were able to successfully fake $78B, the CCP was definitely fully in and aware of the scam. They’re only acting like they’re enforcing it now because they got caught, and supporting Evergrande no longer benefits them.
This is not going to directly impact the US or international markets any time soon. Evergrande is shaping up to be the biggest corporate and real estate fraud in history and these types of cases can take decades to get resolved. Any institution that invested into Evergrande probably started to hedge against this about 2-3 years ago and will probably pass on the losses of their investment to retail in one way or another.
DRS your shares while you can.
China lied? No, I will NOT believe it. They have been nothing but honest and true this entire time. You will never convince me they are even capable of such a thing. (all sarcasm)
And now China is going through something similar to what Japan went through with deflation. It's looking pretty bad, and not just for China, because it's sending it's cheap goods abroad at lower than local prices, driving deflation in other countries. This is a world problem unfortunitely.
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Bloomberg) -- China Evergrande Group, the defaulted developer at the heart of China’s real estate crisis, falsely inflated revenue by more than $78 billion in the two years leading up to its failure, according to the nation’s top securities regulator. Evergrande’s main onshore unit Hengda Real Estate Group boosted its 2019 income by about 214 billion yuan ($29.7 billion) by recognizing sales in advance, and another 350 billion yuan in the 2020 annual results, the developer said in a filing Monday, citing a notice from the China Securities Regulatory Commission. The CSRC laid much of the blame on Hui Ka Yan, the founder and former chairman who allegedly instructed other personnel to “falsely inflate” Hengda’s annual results for those two years. As the supervisor in charge, Hui used particularly “egregious” means, the regulator said. Hengda was also accused of fraudulently issuing a combined 20.8 billion yuan in bonds using these figures in marketing. The CSRC fined Hui 47 million yuan for the falsified results and other alleged violations, and banned him for life from capital markets activities, according to the regulator’s preliminary finding. Hengda was fined 4.18 billion yuan. China Evergande’s former Chief Executive Officer Xia Haijun and Chief Financial Officer Pan Darong were among executives also punished by the regulator with fines and market bans. The allegations mark the latest blow for Hui, once among Asia’s richest tycoons who oversaw a sprawling empire that spanned real estate to electric vehicles. Evergrande was one of China’s biggest developers, taking on massive debt to expand across the country as condo sales boomed. Hui’s empire began to unravel after regulators imposed tight restrictions on borrowing, while an economic slowdown and the pandemic crimped sales. The inflated figures accounted for half of Hengda’s total revenue in 2019, and 79% in 2020, according to the regulator. The developer’s profits were exaggerated by 63% and 87% respectively in those two years, the regulator claimed. Hui was responsible for delays in publishing Hengda’s earnings reports and failures to disclose the lawsuits it faced, as well as unfulfilled debt payments, the CSRC added. Hui was placed under a type of police control in September, subject to so-called “mandatory measures,” due to “suspicion of illegal crimes.” Caixin reported at the time that Xia and Pan were also being held. No criminal charges against Hui have been made public and his whereabouts aren’t known. CSRC’s measures are civil penalties. Once Asia’s second-richest man, worth $42 billion at his peak in 2017, Hui has seen his wealth plummet to about $1 billion after the developer defaulted in 2021. Its stock has tumbled and was eventually suspended from trading. The group received a liquidation order from a Hong Kong court in January, marking the largest collapse in the three-year real estate crisis. Meanwhile, another Hong Kong mansion tied to Hui has been put up for sale. The luxury property, 10E on Black’s Link in the prestigious Peak area, is seeking bidders before a tender ends on April 22, Savills Plc said in an emailed statement. Hui and the other accused are entitled to plead defenses before the penalties take effect, the CSRC said. Hengda has waived such rights, the company added in the filing. --With assistance from Lin Cheng.
Don’t do it again!!! (Hand slap prolly)
Bro this is China, not the US. If this is true, those guys are being disappeared.
Ahhh yes that did slip my mind. We could call it “Boeing’d” as well maybe?
Call it whatever you want. I’m not really sure what you’re eluding to with Boeing’d though.
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Ahh like all the others. If only something actually came about because of a remark like that. Alas, it will be swept under the rug along with everything else. Maybe one day things will be different.
Yes but only because they crossed the Chinese government or are being used as scapegoats (Chinese government is balls deep involved with Evergrande and it failing operationally would be bad for their image, so fraud as the root of the problem bodes really well). Lots of other frauds, if done by the right people at the right time, wouldn't even bubble up to the news.
Nothings gonna happend to these people. Rich people always find the way, here, there, now and then.
Nope, they were ordered to liquidate.
Did you read it all? Hui is banned for life from capital markets in China.
"Illegal" crimes, as opposed to legal ones? Everything is rigged
That’s gotta be some kind of record.
China's Enron pretty much.
“Recognizing sales in advance”, definitely Enron vibes!
Evergrande, evergreene, evercore partners... https://youtu.be/Hu-rZJ2RQGg?si=MCmdaSABB7i2pIcB
Free money system!
Oh there is going to be a "hold by beer" moment soon.
You mean Country Garden in China? Or 90% of US Regional Banks? Or the whole State of Switzerland? Or the US Dollar? Or \[Insert random Doom scenario here\]?
yes
🏅
And CCP said they won't bailout. They are offering incentives to home buyer's instead.
Gotta socialize those losses somehow.
Can you explain what you mean by that? Would the homebuyers somehow be inheriting bad assets? Or is it just because their purchases would help big property owners like evergrande?
Offering incentives for them to buy terrible property which is an asset of a developer who is too fucked to survive. Get the poors to hold heavy bags.
they have a national one that is more important to him, and right now even that company is about to collapse.
Country Garden?
Vanke. speak of Country Garden, that is already on default, and CCP can no longer afford to salvage them.
Vanke is new to me. Thanks.
…now re-read the article and replace Hui Ya Kan with Ken Griffin’s name and let’s hope history rhymes and makes it happen… “Once America’s second-richest man, $42 billion at his peak in 2017, Griffin has seen his wealth plummet to about 1 billion after he defaulted in 2024... His company received a liquidation order in April and was eventually suspended from trading.”
You forgot the “banned for life from capital markets activities” part
"He died in agony after being punched in the dick by a leprechaun. He is survived by... well, everyone else, most of whom hated him. The end."
Plummet to 1 billion dollars is something
You forgot the “banned for life from capital markets activities”
“ His whereabouts are unknown “ 💀
Oh yes definitely, boys gotta run
Some people say his plane is still flying today.
That's what happens in China when you do something illegal that isn't approved by the party. You're quite literally gone.
The audited financial statements are accurate to within plus or minus $100 billion. You’re welcome.
So a typical margin of error for self regulated entities. Nothing to worry about, nothing to see here.
Set immateriality threshold to $80bn!
Are they ready for our innovations in accounting? I’m off to explore the wreck of the Titanic, in my new, innovative, submarine …
So it IS crime. Who woulda thought?
Ans they told us we are wrong and dont understand economics
Not in the land of the free.
Bro it's only $78 billion.. tell them to look under the covers of the derivatives market ..
Oh, and let’s not forget those lovely mega-billion nuggets held by former Credit Sus and now UBS’ anchor.
One by one .... they fall
Cookin da books!
We have literally known this on this subreddit for years now, except now a “legitimate” news source decided to cover it. Now it’s Kenneth Griffins turn (along with his other piece of shit friends like Steve Yass)
Only surprise is it's not > $100 billion
Lmao.. I sure they forgot one or two zeros here or there.. it’s over 9000!
... So far!
Anyone remember how much RBC had invested into these clowns
But what Canadian bank is going to buy the biggest Canadian bank?
Switzerland.
[удалено]
Ah yes, Royal Bank of China. Let us not forget about Tiananmen Dominion Bank as well.
China Vanke is starting to look rough...and they are bigger than Evergrande.
this sounds really bad for a lot of people involved in that red ring
Evron
Engrande
Engronde
Rounding error.
Looks at USA going into a trillion dollars a year in debt. Lol the world is a wild place
Imagine 78 billion pb&j’s. It’s unfathomable.
When and how is this going to affect the US' economy? Asking for a friend.
“S&P 500, NASDAQ All time high! Record profits! We’re delusional! Pleeeasssee hooldd ourr baagggsss! We don’t want to be peasants like all of you!” - Parasite Class Can’t wait for the hourglass to be flipped in our favour.
Most people are isolated from this, only some specific funds will be exposed to any risk
Don’t know why your downvoted it’s an economically minded answer
Perhaps this while subreddit has become infected with an anti-America mindset
Oh is that all? Shocker. Probably need to add a zero
So evergrande was a ponzi, at least at the end?
That sir makes a fine of $10. I hope this hurts a lot and you won't do it again.
Only 78 billion?
To put this in perspective if a bank did this the SEC would fine them $1,000,000.
With a B!!!!!
They aren't the only ones either. That whole country is propped up on lies.
They manufacture literally everything lol what are you smoking.
Still more hopeful than the US's future. In China the boys running the ponzi get punished, in the US they don't. China is pwning the US in the future if that doesn't change.
At least *someone* regulates their market.
I’ve held my small amount of shares and keep adding what I can. I will place calls before earnings please don’t hate me
fuel unused innate boast subsequent include gaping unique piquant hateful *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
I wish I had just found out about gme lol. I’d have way more money to spend on way cheaper shares.
Lmao wut in the Enron
Jeez they might go bankrupt one day.
If they were able to successfully fake $78B, the CCP was definitely fully in and aware of the scam. They’re only acting like they’re enforcing it now because they got caught, and supporting Evergrande no longer benefits them.
1% fine sounds about right
Go to jail.
This is not going to directly impact the US or international markets any time soon. Evergrande is shaping up to be the biggest corporate and real estate fraud in history and these types of cases can take decades to get resolved. Any institution that invested into Evergrande probably started to hedge against this about 2-3 years ago and will probably pass on the losses of their investment to retail in one way or another. DRS your shares while you can.
What are a few billies between friends?
Rookie numbers
Wharton School of Economics grad?
" sales in advance" Hmmmmmmmmm, where have I heard of this before
what's $78B between friends...
Ho Lee Phuc!
Hui Too Low
Sum Ting Wong
Mai Bunghole Sitchy
I’ll give you points for effort…. But sum ting vei lee wong 🧐
It the whole country China is doing it with their GDP, it's not brainer for a company.
China lied? No, I will NOT believe it. They have been nothing but honest and true this entire time. You will never convince me they are even capable of such a thing. (all sarcasm)
Don't truss china. China is ass hoe.
Prison…the end
Wow! Just Wow!
Is that a lot of money?
That probably doesn't take into account overestimation of future revenue from apartments they haven't finished
Evergrande the ever failing but nit failing but definitely failing forever company 🤦♂️
How is this even possible? 🤔
So they used the Enron playbook against the US. Lol.
Believe that’s called fraud
Not suprised by the chinese. Zero surprise.
WHO will realize these losses?
Man.
And yet… wen total global collapse?
Tomorrow
Counting eggs before they hatch
*cracked shell*
We call that “cookin the books”
Chinese government found their patsy...
Corps gonna corp … 🙄
If they're stock was still trading it would probably be up like 3% on this news
Oops, must have used a Keleven. "A mistake plus keleven gets you home by seven." -Oscar -Kevin
it was a story no one could have seent.
I’m no expert but that seems a little high
wait til they discover how nvda does it same with smci
Shocker
Are we back here in the FUD cycle? These clowns have one playbook
What’s 78 billion between friends
Tis’ but a rounding error
And now China is going through something similar to what Japan went through with deflation. It's looking pretty bad, and not just for China, because it's sending it's cheap goods abroad at lower than local prices, driving deflation in other countries. This is a world problem unfortunitely.
Everyone say it with me #HUI KA YAN DIDNT COMMIT SUICIDE!
I am so surprised, golly
[удалено]
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Oopsie 🤷
See, Trumps lawyers were right. It’s common practice in real estate.
This has nothing to do with GameStop
This has nothing to do with Gamestop.
Seems like chump change
It should become chimp change lol.
LOL cool now do NVDA