China’s Real Estate Giant Evergrande and Founder Slapped with Penalties Over Massive Revenue Scandal

China experts say the Evergrande crisis will impact infighting within the upper ranks of the Chinese Communist Party.

A man walks past a residential building developed by Evergrande in Shanghai on Sept. 24, 2021. Hector Retamal/AFP via Getty Images

The embattled Chinese real estate giant Evergrande, along with its founder, has been penalized following accusations of artificially boosting its revenues by $78 billion in the two years before it defaulted on its debt obligations.

The penalty came 172 days after the arrest of Hui Ka Yan, founder and chairman of Evergrande Group.