Chinese property giant Evergrande has been formally removed from the Hong Kong stock exchange, drawing a line under the dramatic downfall of what was once the country’s largest real estate developer. The delisting ends more than 15 years of trading for the company, whose market value at its peak exceeded $50bn (£37bn). Its implosion, triggered…
Chinese regulators have imposed a record fine of 441 million yuan ($62 million) and a six-month business suspension on PwC’s auditing arm in mainland China for its role in the financial mismanagement of property giant China Evergrande Group. The fine, announced on Friday, is the largest penalty ever levied against a Big Four accounting firm…
Chinese authorities have detained several staff members of Evergrande’s wealth management unit following the company’s failure to repay investors. This marks the first criminal investigation against the embattled property developer since it faced a massive debt crisis in late 2021. Shares of Evergrande plummeted by as much as 26% in Hong Kong on Monday, although…
Evergrande Group, the heavily indebted Chinese property developer, has finally released its long-delayed financial results, marking a crucial step in its debt restructuring, which is poised to become one of the largest in Chinese corporate history. According to a filing on Monday with the stock exchange, the company reported losses amounting to 476 billion yuan…
