HONG KONG -- China's securities watchdog has accused a core unit of China Evergrande Group of inflating revenue by nearly $80 billion over two years before the developer defaulted on its debt.
The China Securities Regulatory Commission has imposed a fine of 4.2 billion yuan ($580 million) on core Evergrande unit Hengda Real Estate for inflating revenue in 2019 and 2020 by a total of 564.1 billion yuan, Hengda said in an exchange filing late Monday.
