BANGKOK — Troubled property developer China Evergrande Group says Beijing’s stock watchdog has fined it 4.2 billion yuan for allegedly falsifying its revenue, among other violations, as it conducts a deep clean of the troubled financial sector.
The fallout from the property crisis has also affected China’s shadow banking industry — institutions that provide financial services similar to banks but operate outside of banking regulations. The government has stepped up support for the real estate industry, listing thousands of projects eligible for loans from state banks that stepping up to help contain the damage. Party leaders have emphasized that they want to ensure that families are able to obtain housing they have paid for.
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