SHANGHAI/HONG KONG -- The decision by China's securities watchdog to punish debt-laden property developer China Evergrande Group for allegedly inflating earnings suggests that officials are taking a harder line on troubled companies.
Hengda Real Estate, Evergrande's flagship unit, said Monday that it was fined 4.2 billion yuan ($580 million) by the China Securities Regulatory Commission (CSRC), which accused the company of overstating revenue by 564 billion yuan over two years through 2020.
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