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Evergrande faces allegations of £60 billion fraud in China

Evergrande faces allegations of £60 billion fraud in China

Posted on March 22, 2024   |  

Evergrande, known as the world's most indebted property developer, faces accusations of £62 billion fraud, allegedly inflating its revenues.

The accusations involve recognizing sales in advance, leading to revenues being overstated by more than 560 billion yuan (£62 billion) over two years.

Struggling to meet creditor repayments, Evergrande has become emblematic of China's property crisis since defaulting in 2021 and receiving a winding-up order.

Last month, China's property crisis intensified, with sharp declines in house sales and reduced new development activities, compounded by Evergrande's legal fines.

February's data showed a significant drop in property sales, contributing to a 9% decrease in overall real estate investment amid slow post-COVID-19 recovery efforts.

Construction activity in China also declined by nearly 30% year-on-year, reflecting broader challenges in the real estate sector.

Despite these setbacks, the Beijing government is implementing measures to stimulate the housing market and economy, resulting in positive growth in industrial production and investment in manufacturing and infrastructure.



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