Regulatory case
CSRC and Hengda Real Estate Group
- Authority
- China Securities Regulatory Commission
- Case number
- Not published
- Filed or opened
- Not published
- Organization
- China Evergrande Group
- Current stage
- Penalty decision issued
- Outcome
- Penalty decided. No appeal found.
Decisions and steps
- Fine of RMB 4.175 billion on Hengda and lifetime market ban on its then chairmanS1
Claims this case bears on
- Supported89The CSRC said Hengda Real Estate inflated revenue and profit in 2019 and 2020 by recognising income early, making its bond issues fraudulent and its annual reports false.Regulator statement, 31 May 20243 records citedAccounting
- Unverifiable44A March 2024 CNN headline asked whether Evergrande's case was the biggest fraud in Chinese history, and the article called it the country's biggest ever financial fraud case.Press report, 19 March 20241 record citedFraud
Sources
- S1Tier A 证监会对恒大地产债券欺诈发行及信息披露违法案作出处罚决定China Securities Regulatory Commission. Regulator press release. 31 May 2024.Supports the finding of early revenue recognition in 2019 and 2020 and the penalties. It does not give yearly amounts in the passages read.Link working, checked 25 October 2026