Beijing's stock watchdog, which is conducting a thorough investigation of the nation's troubled banking sector, fined the company approximately $580 million for allegedly fabricating its income among other infractions.

Hui Ka Yan, the business's chair, was fined $6.5 million and barred from China's markets for life, the company announced in a release sent late on Monday to mainland Chinese stock exchanges. Authorities apprehended Hui, also known as Xu Jiayin, in September on suspicion of committing "illegal crimes."

With more than $300 billion in debt, Evergrande is the most leveraged real estate developer in the world. This company is one of several that have failed in China since 2020 as a result of official efforts to control excessive borrowing, which the country's ruling Communist party sees as a threat to the economy.
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