China Evergrande Group
The China Securities Regulatory Commission found that Hengda Real Estate, the main onshore unit, inflated revenue and profit in 2019 and 2020 by recognising income early, and fined it RMB 4.175 billionS1. The Hong Kong High Court put the parent into liquidation on 29 January 2024, and its shares were delisted on 25 August 2025S2. The liquidators reported claims of about US$45 billion and realisations of about US$255 millionS2. In May 2026 they were seeking RMB 57 billion from PwC entities in Hong KongS4. Press reports called the case possibly China's biggest fraudS3. An earlier offshore restructuring plan was overtaken by the liquidationS5.
- Also known as
- China Evergrande Group (In Liquidation), Evergrande, Hengda Real Estate Group (onshore unit)
- Headquarters
- China
- Current status
- China Evergrande Group is in liquidation under a Hong Kong High Court order of 29 January 2024. Its listing on the Hong Kong Stock Exchange was cancelled with effect from 25 August 2025S2.
- HKEX stock code (cancelled)
- 3333
Scope. The CSRC penalty concerns the onshore unit Hengda Real Estate Group, not the Hong Kong listed parent as such. This record does not cover other Evergrande listed units such as the property services or vehicle companies.
Claims assessed
3 claims. Scores grade the evidence for each claim, not the organization.- 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
- Outdated83Evergrande announced in March 2023 an offshore debt restructuring plan giving creditors options to swap debt into new bonds and equity-linked instruments.Press report, 25 August 20253 records citedCorporate status
Cases and proceedings
- CSRC and Hengda Real Estate GroupChina Securities Regulatory Commission. Regulatory. Not published.Stage: Penalty decision issued
- Fine of RMB 4.175 billion on Hengda and lifetime market ban on its then chairmanS1
- Re China Evergrande GroupHigh Court of the Hong Kong Special Administrative Region. Insolvency. Not published.Stage: Winding-up order made. Liquidation in progress.
- Company put into liquidationS2
- Liquidators of China Evergrande Group v. PwC entitiesHong Kong court. Civil. Not published.Stage: Proceedings heard in May 2026. No decision reported.
Responses on record
- PwC, 18 May 2026, on The CSRC said Hengda Real Estate inflated revenue and profit in 2019 and 2020 by recognisi...
PwC said its Evergrande audit work fell well below its expectations, according to AP.S4
Revision history
- Profile and 3 assessments first published. Records checked to 25 October 2026.
Source records
- 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
- S2Tier B (1) DECISION OF THE LISTING COMMITTEE (2) LIQUIDATORS' PROGRESS REPORT AND (3) CONTINUED SUSPENSION OF TRADINGChina Evergrande Group (In Liquidation). Company filing. 12 August 2025.Supports the winding-up order date, delisting date, claims of about US$45 billion and realisations to date. Figures are provisional.Link working, checked 25 October 2026
- S4Tier C China Evergrande liquidators seek $8.4B from accounting firm PwC in Hong Kong lawsuitAssociated Press (Chan Ho-him), via ABC News. Press report. 18 May 2026.Supports the pending liquidators' claim against PwC and earlier PwC fines. No court decision is reported.
- S3Tier C Biggest fraud in Chinese history? Beijing accuses Evergrande of inflating revenues by $78 billionCNN (Laura He), syndicated by abc17news.com. Press report. 19 March 2024.Reports yearly amounts attributed to the regulator and the ranking language. It does not name the record behind the ranking.Link working, checked 25 October 2026
- S5Tier C From default to delisting of Evergrande, world's most indebted developerReuters, via The Standard. Press report. 25 August 2025.Reuters timeline with no named reporter, supporting the March 2023 plan and its deferral. Not a primary record.Link working, checked 25 October 2026