Mar 20, 2024 01:27 AM

FINANCE

China Regulator’s Fraud Bombshell Raises Risks for Evergrande Unit’s Advisers

By Wang Juanjuan and Qing Na

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Evergrande and Hengda have been mired in a liquidity crisis since 2021. Photo: VCG

Evergrande and Hengda have been mired in a liquidity crisis since 2021. Photo: VCG

Revelations by China’s top securities watchdog that Hengda Real Estate Group Co. Ltd. (恒大地产集团有限公司), the main onshore subsidiary of failed property developer China Evergrande Group, falsely inflated its revenue by a total of 564 billion yuan ($78 billion) add to the headache facing the unit’s advisers and bondholders who are already nursing significant losses.

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