By Mariko OiBusiness reporter44 minutes agoImage supply, Getty ImagesImage caption, Hui Ka Yan is the founding father of Chinese language property big EvergrandeStruggling Chinese language property big Evergrande and its founder, Hui Ka Yan, have been accused of inflating revenues by $78bn (£61.6bn) within the two years earlier than the agency defaulted on its debt.The nation’s monetary markets regulator has fined the corporate’s mainland enterprise Hengda Actual Property $583.5m.Mr Hui additionally faces being banned for all times from China’s monetary markets.The China Securities Regulatory Fee (CSRC) laid a lot of the blame on Mr Hui, who was as soon as China’s richest man, for allegedly instructing employees to “falsely inflate” Hengda’s annual ends in 2019 and 2020.Evergrande didn’t instantly reply to a BBC request for remark.The announcement comes days after the CSRC vowed to crack down on securities fraud, and defend small traders with “enamel and horns”.Evergrande has been the poster baby of China’s actual property disaster with greater than $300bn of debt.Liquidators have been appointed to have a look at Evergrande’s general monetary place and determine potential restructuring methods.That would embody seizing and promoting off property, in order that the proceeds can be utilized to repay excellent money owed.Nonetheless, the Chinese language authorities could also be reluctant to see work halt on property developments in China, the place many would-be owners are ready for houses they’ve already paid for.Issues in China’s property market are having a serious affect because the sector accounts for round a 3rd of the world’s second largest financial system.The trade has been going through a serious monetary squeeze since 2021, when authorities launched measures to curb the quantity massive actual property builders may borrow.Since then a number of massive property companies have defaulted on their money owed.On Monday, official information confirmed that property funding in China fell 9% in January and February from a 12 months in the past. New development begins additionally dropped by 30% which was their their worst fall in additional than a 12 months.