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The chairman of property giant Evergrande will be banned for life from the securities market by Chinese regulators, a subsidiary of the company announced on Monday. The China Securities Regulatory Commission (CSRC) has decided to issue a lifelong ban to Xu Jiayin, the chairman of Evergrande, for his involvement in illegal activities. The company will also be fined a hefty amount of 4.175 billion yuan ($580 million) for their actions. Additionally, Xu will be fined 47 million yuan for his role in financial fraud. This ruling comes as Evergrande faces a massive debt crisis, which has had a significant impact on China’s property market and the global economy. Despite facing a winding-up order in Hong Kong, Evergrande assures that its operations in mainland China will not be affected.
