Evergrande Fined $587 Million for Financial Fraud

China's regulatory body imposes heavy penalties on the indebted property giant for inflating revenues and profits in bond issuances.

Evergrande falsely increased revenue and profit figures in 2019 and 2020.
The company issued fraudulent bonds based on inflated financials.
Founder Hui Ka Yan fined $47 million and banned from securities market for life.
Evergrande faces liquidation after failing to deliver a debt restructuring plan.
China considers record fine for auditor PwC over its role in the scandal.