China Slams Evergrande with Massive Fine for Fraudulent Activities

China has fined Evergrande's subsidiary Hengda Real Estate 4.18 billion yuan for fraudulent bond issuance and illegal information disclosure. Evergrande founder Hui Ka Yan was personally fined 47 million yuan and banned from the securities market for life by the China Securities Regulatory Commission.

China has fined Evergrande's Hengda Real Estate 4.18 billion yuan ($577.1 million) for fraudulent bond issuance and illegal information disclosure, the China Securities Regulatory Commission said in a statement on Friday.

The regulator also fined Evergrande founder Hui Ka Yan 47 million yuan and banned him from re-entering the securities market for life, the statement said. ($1 = 7.2435 Chinese yuan renminbi)