Loading…
Loading…
Evergrande founder Hui Ka Yan has been sentenced to life in prison, bringing an end to one of the most dramatic rise and fall stories in China's corporate history. Bloomberg's Trista Xinyi Luo has the details.
The founder of China Evergrande Group, the world's most-indebted property developer, was sentenced to life in prison by a Chinese court on Thursday, five years after the firm's collapse shook the nation's economy and financial markets.
Liquidators for China Evergrande Group are seeking 57 billion yuan in damages from PricewaterhouseCoopers, accusing the auditing firm of negligence in its audit work related to the failed Chinese property developer, a Hong Kong court was told on Monday. The potential damages claim adds to the financial and regulatory pressure already faced by PwC following Evergrande's collapse.
Liquidators of China Evergrande Group have received approaches from parties looking to take over the developer's stake in its property services unit.
China Evergrande Group was delisted from the Hong Kong Stock Exchange on Monday. The risk of more developer defaults has subsided, but consolidation around state-backed developers appears inevitable.
China Evergrande delists from Hong Kong today – and China's real estate woes continue to mount.
China Evergrande's founder Hui Ka Yan has become the target of the developer's liquidators for not disclosing his assets. The high-profile case is now entering a critical phase, with a hearing scheduled in September.
China Evergrande Group said its Hong Kong stock will be delisted, according to a filing to the Hong Kong bourse on Tuesday. The shares will be removed on Aug. 25 and the Guangzhou-based company won't apply for a review of the exchange's decision.
No recent filings indexed.