News

China regulator to ban Evergrande chair from securities market for life

By AFP

March 18, 2024 09:20 PM


Twitter Share Facebook Share WhatsApp Share

Chinese regulators will ban the chairman of property giant Evergrande from the securities market for life, a subsidiary of the company said Monday, adding the troubled firm would be slapped with a hefty fine.

The China Securities Regulatory Commission (CSRC) "plans to rule in favour of issuing a lifelong ban from entering the securities market to (chairman) Xu Jiayin", the company's flagship unit Hengda Real Estate said in a filing to the Shenzhen stock exchange.

Evergrande "received an advance notice from the CSRC of administrative penalties and market bans targeting... illegal and illicit behaviours", said the filing.

The company itself will "be ordered to make corrections and be issued with a warning as well as a fine of 4.175 billion yuan ($580 million)".

The ruling will conclude that Xu "made decisions and organized the implementation of financial fraud, using particularly egregious means and under particularly serious circumstances", according to the filing.

He will also "be issued a warning and a fine of 47 million yuan".

Evergrande's astronomical debt has become a potent symbol of a years-long crisis in China's property market -- with knock-on effects across the world's second-largest economy.

In January, a Hong Kong court issued a winding-up order for Evergrande, though the firm said its operations in the mainland would be unaffected by the decision.


AFP


Most Read

  1. Punjab ministry, school education dept toy with summer vacations announcement Punjab ministry, school education dept toy with summer vacations announcement
  2. Iran President Raisi, foreign minister die in helicopter crash Iran President Raisi, foreign minister die in helicopter crash
  3. Sarah Ali Khan to tie the knot with a rich guy this year, say rumors Sarah Ali Khan to tie the knot with a rich guy this year, say rumors
  4. 'Heeramandi's 'Tajdar', Taha Shah’s handsome debut at Cannes is everything fans wanted 'Heeramandi's 'Tajdar', Taha Shah’s handsome debut at Cannes is everything fans wanted
  5. Anmol Baloch brushes off dating rumours with Hamza Sohail Anmol Baloch brushes off dating rumours with Hamza Sohail
  6. NA148 by-polls results: PPP’s Qasim Gilani leading with 78,278 votes NA148 by-polls results: PPP’s Qasim Gilani leading with 78,278 votes

Opinion

  1. New twist in PTI founder’s strategy towards Military Establishment
    New twist in PTI founder’s strategy towards Military Establishment

    By Salim Bokhari

  2. Revoke the heat stroke
    Revoke the heat stroke

    By Dr Asif Channer

  3. Defiance, sacrifice & national resilience
    Defiance, sacrifice & national resilience

    By Naveed Aman Khan

  4. Maryam Nawaz Sharif's Police Uniform: Breaking Gender Stereotypes, Not Minds
    Maryam Nawaz Sharif's Police Uniform: Breaking Gender Stereotypes, Not Minds

    By Alysha Khan

  5. Pak-Saudi-Iran economic proximity
    Pak-Saudi-Iran economic proximity

    By News Desk

  6. Military Establishment rules out any deal with what it terms a ‘bunch of anarchists’
    Military Establishment rules out any deal with what it terms a ‘bunch of anarchists’

    By Salim Bokhari