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BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityBusinessMarket DataEconomyYour MoneyCompaniesTechnology of BusinessCEO SecretsArtificial IntelligenceEvergrande: China property giant and its founder accused of $78bn fraudPublished7 hours agoShareclose panelShare pageCopy linkAbout sharingImage source, Getty ImagesImage caption, Hui Ka Yan is the founder of Chinese property giant EvergrandeBy Mariko OiBusiness reporterStruggling Chinese property giant Evergrande and its founder, Hui Ka Yan, have been accused of inflating revenues by $78bn (£61.6bn) in the two years before the firm defaulted on its debt.The country’s financial markets regulator has fined the company’s mainland business Hengda Real Estate $583.5m.Mr Hui also faces being banned for life from China’s financial markets.In January, Evergrande was ordered to liquidate by a Hong Kong court.The China Securities Regulatory Commission (CSRC) laid much of the blame on Mr Hui, who was once China’s richest man, for allegedly instructing staff to “falsely inflate” Hengda’s annual results in 2019 and 2020.Mr Hui was also fined $6.5m, according to a filing by the company to the Shenzhen and Shanghai stock exchanges.Evergrande did not immediately respond to a BBC request for comment.Last September, Mr Hui who is also the company’s chairman was put under police surveillance as he was investigated over suspected “illegal crimes”.The announcement comes days after the CSRC vowed to crack down on securities fraud, and protect small investors with “teeth and horns”.Evergrande has been the poster child of China’s real estate crisis with more than $300bn of debt.Liquidators have been appointed to look at Evergrande’s overall financial position and identify potential restructuring strategies.That could include seizing and selling off assets, so that the proceeds can be used to repay outstanding debts.However, the Chinese government may be reluctant to see work halt on property developments in China, where many would-be homeowners are waiting for homes they have already paid for.Problems in China’s property market are having a major impact as the sector accounts for around a third of the world’s second largest economy.The industry has been facing a major financial squeeze since 2021, when authorities introduced measures to curb the amount big real estate developers could borrow.Since then several large property firms have defaulted on their debts.On Monday, official data showed that property investment in China fell 9% in January and February from a year ago. New construction starts also dropped by 30% which was their their worst fall in more than a year.Related TopicsInternational BusinessChina economyMore on this storyChina property giant hit with winding-up petitionPublished28 FebruaryCrisis-hit China Evergrande ordered to liquidatePublished29 JanuaryThe rise and fall of Evergrande’s billionaire founderPublished29 September 2023Why should I care if Evergrande collapses?Published29 JanuaryTop Stories’Only God can change this place’: Haitians see no end to spiralling violencePublished7 hours agoUS reports death of senior Hamas military leaderPublished1 hour agoSex and nudity in films get stricter age ratingsPublished2 hours agoFeaturesThe Papers: Kate ‘pictured in public’ and ‘key’ Rwanda voteWhy Gillian Anderson found it scary to play Emily Maitlis’Untreated trauma led to our soldier son’s suicide’Is TikTok really a danger to the West?The highs and lows of First Minister Mark DrakefordBridgerton’s Nicola Coughlan: Why I hate on-screen vanityMiles of new pylons needed for electricity upgradePredicting Putin’s landslide was easy, but what comes next?The US Navy’s relentless battle against Houthi attacksElsewhere on the BBCIs there a link between gardening and your gut?Michael Mosley learns how getting grubby in the garden can improve your overall healthAttributionSoundsThe most famous waterway in the Americas is running dryThe Global Story explores the impact on the international shipping industryAttributionSoundsThe moment a Russian warship sank in the Black SeaThe vessel was destroyed by a Ukrainian drone near the Kerch BridgeAttributioniPlayerAre The Beatles Ireland’s greatest band?Steven Cockcroft and Jason Carty explore the Fab Four’s connection with the Emerald IsleAttributionSoundsMost Read1Prince William to visit Sheffield homeless project2Kate ‘pictured in public’ and ‘key’ Rwanda vote3Why Gillian Anderson found it scary to play Emily Maitlis4Potholes leave nations’ roads at ‘breaking point’5Sex and nudity in films get stricter age ratings6’Only God can change this place’: Haitians see no end to spiralling violence7US reports death of senior Hamas military leader8JD Sports accused of ‘irresponsible’ motorbike ad9Trump unable to get $464m bond in New York fraud case10Rwanda bill amendments overturned in Commons vote
[ad_1] Former billionaire Hui Ka Yan has been fined and faces being banned from the financial markets for life.
![BBC HomepageSkip to contentAccessibility HelpYour accountLiveNotificationsHomeNewsSportWeatheriPlayerSoundsBitesizeMore menuMore menuSearch BBCHomeNewsSportWeatheriPlayerSoundsBitesizeCBBCCBeebiesFoodClose menuBBC NewsMenuHomeIsrael-Gaza warCost of LivingWar in UkraineClimateUKWorldBusinessPoliticsCultureMoreTechScienceHealthFamily & EducationIn PicturesNewsbeatBBC VerifyDisabilityWorldAfricaAsiaAustraliaEuropeLatin AmericaMiddle EastUS & CanadaNato allies reject Emmanuel Macron idea of troops to UkrainePublished5 minutes agoShareclose panelShare pageCopy linkAbout sharingRelated TopicsWar in UkraineImage source, Getty ImagesBy Lipika Pelham & Lou NewtonBBC NewsSeveral Nato countries, including the US, Germany and the UK, have ruled out deploying ground troops to Ukraine, after French President Emmanuel Macron said “nothing should be excluded”.Mr Macron said there was “no consensus” on sending Western soldiers to Ukraine.Kremlin spokesperson Dmitry Peskov has warned of direct conflict if Nato troops deploy there.Russian forces have recently made gains in Ukraine and Kyiv has urgently appealed for more weapons.Mr Macron told a news conference on Monday evening: “We should not exclude that there might be a need for security that then justifies some elements of deployment.”But I’ve told you very clearly what France maintains as its position, which is a strategic ambiguity that I stand by.”The French leader was speaking in Paris, which is hosting a crisis meeting in support of Ukraine, attended by heads of European states, as well as the US and Canada.A full-scale invasion of Ukraine launched by Russian President Vladimir Putin is now in its third year, with no signs that the biggest war in Europe since World War Two could end soon.Mr Macron’s comments prompted responses from other European and Nato member countries.US President Joe Biden believes the “path to victory” is providing military aid “so Ukrainian troops have the weapons and ammunition they need to defend themselves”, a statement said.”President Biden has been clear that the US will not send troops to fight in Ukraine,” it added.German Chancellor Olaf Scholz said there had been no change to the agreed position that no European country or Nato member state would send troops to Ukraine.UK Prime Minister Rishi Sunak’s spokesman said the country had no plans for a large-scale military deployment to Ukraine, beyond the small number of personnel already training Ukrainian forces. The office of Italian Prime Minister Giorgia Meloni said Italy’s “support does not include the presence of troops from European or Nato states on Ukrainian territory”.Mr Peskov, on behalf of the Kremlin, called Mr Macron’s suggestion “a very important new element” adding it was absolutely not in the interests of Nato members. “In that case, we would need to talk not about the probability, but about the inevitability [of direct conflict],” he said.Earlier, Nato secretary general Jens Stoltenberg denied considering whether troops would be sent to Ukraine, although he insisted the alliance would continue to support Ukraine, which is not a Nato member.That position has been echoed by a number of Nato member states including Spain, Poland and the Czech Republic. Russia has an abundance of artillery and is a far bigger military force than Ukraine, whose troops are critically dependent on modern weapons being provided by Western allies, particularly the US.But the approval of a much needed $95bn (£75bn; €69bn) US aid package – including $60bn for Ukraine – has been facing an uphill battle in the US House of Representatives.The US is by far the largest contributor of military aid to Ukraine and had committed €42.2bn (£36bn; $45bn) as of 15 January, Kiel Institute data showed.Germany ranks second with commitments of €17.7bn in the same time period, followed by the UK which provided €9.1bn of military aid.Ukrainian President Volodymyr Zelensky, who took part in Monday’s meeting in Paris by video link, said that “everything we do together to defend against Russian aggression adds real security to our nations for decades to come”.How significant are Russia’s recent gains on the battlefront? Listen to the latest episode of Ukrainecast on BBC SoundsRelated TopicsWar in UkraineFranceEmmanuel MacronNatoUkraineMore on this storyZelensky says 31,000 troops killed in war in UkrainePublished2 days agoTwo years into Russia’s invasion, exhausted Ukrainians refuse to give upPublished3 days agoZelensky insists Ukraine will win on war anniversaryPublished2 days agoRosenberg: How two years of war have changed RussiaPublished5 days agoUkraine war in maps: Russia makes limited advancesPublished6 days agoBiden assures Zelensky US will send $60bn in aidPublished18 FebruaryShell shortages force us to limit firing, Ukrainian troops tell BBCPublished14 December 2023Top StoriesPost Office boss under investigation, claims ex-chairPublished1 hour agoPrince William pulls out of memorial service due to ‘personal matter’Published5 hours agoFour of couple’s children taken into carePublished1 hour agoFeatures’Who will call me Dad?’ Tears of Gaza father who lost 103 relativesWhy firms are racing to produce green ammoniaSecondary school places: What parents need to knowWalkers spot ‘breathtaking’ cloud inversionsThe young refusing to become Myanmar’s ‘human shields’Hear the fish louder than a jackhammer. VideoHear the fish louder than a jackhammer’Daily life is a struggle without my ADHD medicine’How dangerous is vaping and what is the disposable vape ban?Listen: No Apology by Lee Anderson. 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