The founder of Chinese property giant Evergrande, Hui Ka Yan, has been sentenced to life in prison for large-scale financial fraud.
Chinese court sentences founder of troubled property developer Evergrande to life in prison
In this handout photo released by Xinhua News Agency, Hui Ka Yan, also known as Xu Jiayin, founder of property developer Evergrande stands trial at the Shenzhen Intermediate P
-
Copyright © africanews
AP Photo
A court in the southern city of Shenzhen also fined Evergrande and its property unit a combined $2.35 billion.
Hui, once reported to be China’s richest man, was convicted of inflating Evergrande’s assets and concealing its liabilities. The court also found that he abused his position and misappropriated company funds.
Evergrande collapsed under more than $300 billion in liabilities after Beijing moved to curb excessive borrowing in the property sector in 2020.
Its downfall triggered a wider crisis among Chinese developers and contributed to a prolonged downturn in the country’s property market.
Hui’s two sons, along with senior Evergrande executives and others linked to the group, were also sentenced on charges including fundraising fraud and the illegal use of funds.
More than 50 people received prison sentences ranging from 22 months to 18 years.
The case marks a major chapter in the collapse of one of China’s most indebted property empires—and highlights the continuing fallout from the country’s real estate crisis.