China Evergrande Group Accused of Falsely Inflating Revenue

China Evergrande Group, the central figure in China’s real estate crisis, has been accused of inflating revenue by more than $78 billion in the two years before its default. The company's onshore unit, Hengda Real Estate Group, reportedly boosted its 2019 income by $29.7 billion and another $48.3 billion in 2020 by recognizing sales in advance. This revelation came through a filing on Monday, citing the China Securities Regulatory Commission. These findings shed light on the severity of Evergrande's financial practices and the potential impact on China's real estate market.