Evergrande Group controversies

Evergrande Real Estate fined 4.175 billion yuan for financial fraud and fraudulent issuance

On May 31, 2024, the China Securities Regulatory Commission penalized Evergrande Real Estate, a subsidiary of Evergrande Group, finding illegal acts including financial fraud in 2019 and 2020 and fraudulent issuance, and imposed a fine of 4.175 billion yuan; Xu Jiayin was fined 47 million yuan and banned from the securities market for life.

Debt crisis and unfinished-home concerns

Evergrande's missed payments, extensive leverage, and difficulties completing presold projects triggered criticism and widespread concern among homebuyers, creditors, employees, and suppliers.

Evergrande-related protest victims allege violent clearance in Zhengzhou

Issue disclosure

On September 15, 2021, people seeking redress at Evergrande Group's Henan company in Zhengzhou were forcibly removed, according to reports. Some of those present were reportedly injured, and others were taken to a police station. One victim alleged that Evergrande had hired some of the unidentified people involved in the incident. The report does not establish who carried out the violence. The event is noted as a controversy involving Evergrande Group in which protesters alleged a violent clearance.

People seeking redress at Evergrande Group’s Henan company in Zhengzhou were forcibly removed on September 15, with some reportedly injured and others taken to a police station. One victim alleged that Evergrande had hired some of the unidentified people involved; the article does not establish who carried out the violence.

Evergrande announces a repayment plan for Evergrande Wealth products

Company response

Evergrande Group announced a repayment plan for Evergrande Wealth investment products after redemptions were delayed. The proposal offered staged cash payments, payment in property assets, or offsets against unpaid home-purchase balances. Investors expressed dissatisfaction, saying the plan had been issued without consultation.

Investors protest overdue Evergrande Wealth products

Public backlash

In September 2021, investors protested after Evergrande Wealth investment products came due without payment. According to the report, investors gathered at Evergrande's Shenzhen headquarters seeking repayment, and the authorities subsequently cleared the gathering. The event was reported as a controversy involving Evergrande Group and its wealth management products, centered on the non-payment of matured investments and the investors' demand for repayment.

Evergrande employees protest alleged unpaid wages in Shangqiu

Issue disclosure

In a reported controversy involving Evergrande Group, former employees at the Evergrande Times New City project in Shangqiu were said to have begun protesting on September 3, 2021, seeking unpaid wages and commissions. An employee told the outlet that more than 60 former employees were involved and that the wages had been delayed since the beginning of the year. These are claims reported by the source; the article provides no determination of the claims.

Former employees at Evergrande Times New City in Shangqiu reportedly began protesting on September 3, 2021, seeking unpaid wages and commissions. An employee told the outlet that more than 60 former employees were involved and that the wages had been delayed since the beginning of the year. These are claims reported by the source; the article provides no determination of the claims.