Chinese property giant Evergrande fined for falsifying revenue

Evergrande has been fined (Ng Han Guan/AP)

Chinese property developer Evergrande has been fined 4.2 billion yuan (£262 million) by Beijing’s stock market watchdog for allegedly falsifying its revenue, among other violations.

The company said in a release to mainland Chinese stock exchanges that its chairman, Hui Ka Yan, was fined 47 million yuan (£5.13 million) and banned from China’s markets for life.