MONEY MASTER

The Shenzhen Stock Exchange has imposed disciplinary sanctions on China Evergrande's flagship unit, Hengda Real Estate , and founder Hui Ka Yan . The sanctions follow an investigation revealing that Hengda overstated revenue by 564 billion yuan (US$79.20 billion) over two years through 2020 and engaged in fraudulent bond issuance . As a result, Hengda's applications to issue bonds or transfer shares will be rejected for three years . Additionally, Hui Ka Yan and former CEO Xia Haijun have been banned for life from holding roles as directors or senior executives in any bond-issuing entity. The Shenzhen Stock Exchange rejected Hui’s defense that he was unaware of the inflated revenues and bond issuance, citing his lack of oversight of the company's finances. Evergrande’s shares will remain suspended as its liquidators stated that they have no further information regarding the investigation. With over US$300 billion in liabilities , Evergrande is the world’s most indeb...

The chairman of China Evergrande Group , has been moved to a special detention center in Shenzhen, according to two sources familiar with the matter. Hui, 65, has not been seen publicly since Chinese authorities took him into custody a year ago, and his current status had not been reported until now. Hui was fined $6.6 million (RM28.41 million) in March and barred for life from the securities market after China's securities regulator discovered that Evergrande's flagship unit had inflated earnings and committed securities fraud. The company, once China’s largest property developer by sales, was ordered into liquidation in January. Despite these developments, Hui, who was previously China’s richest man, has not been formally charged with any crimes. It remains unclear how long he will stay in detention or if he will face a trial. His transfer to Shenzhen is reportedly to facilitate communication with top Evergrande executives, as the company's headquarters is in nearby Gua...