China Sentences Evergrande Founder Hui Ka Yan to Life in Prison
The court also fined Evergrande 8.82 billion yuan and ordered the confiscation of Hui Ka Yan’s personal property after finding large-scale fraud.
- On Thursday, the Shenzhen Intermediate People's Court sentenced China Evergrande Group founder Hui Ka Yan to life in prison and ordered confiscation of all his personal property.
- Evergrande, once China's premier developer, has defaulted since 2021 on most of its $300 billion in liabilities, emblematic of a prolonged crisis in the country's property sector.
- The court also fined Evergrande 8.82 billion yuan and its subsidiary Hengda Real Estate 7 billion yuan, sentencing five other senior executives to prison terms ranging from six to 18 years.
- Hui pleaded guilty in April to eight charges including misuse of funds, fundraising fraud, and illegally taking public deposits, preceding the final sentencing.
- State media CCTV reported the sentence as part of a broader crackdown on financial misconduct, as Evergrande's collapse has long dragged on the world's second-biggest economy.
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327 Articles
My Mother Lode
China moves to wrap up saga of troubled property giant Evergrande after founder gets life sentence
HONG KONG (AP) — Chinese authorities are moving to finish cleaning up the mess left by the collapse of the Evergrande real estate empire, years after its default with some $300 billion in liabilities. A court in southern China’s Guangzhou said Friday it had accepted a bankruptcy liquidation case against Evergrande’s mainland Chinese property development...
The face to remember this Friday is that of Xu Jiayin, former boss of the real estate giant Evergrande. Adrien Portron paints the portrait of this man, once one of the great fortunes of Asia, who will spend the rest of his life in prison. (International).
The court in Shenzhen, China, sentenced Evergrande Huey Ka Yanju, the founder of the development company.
In 2017, Hui Ka Yan Was China's Richest Person With A $45 Billion Fort
In 2017, Chinese property developer Hui Ka Yan was enjoying one of the most spectacular wealth surges in modern history. Shares of his company, China Evergrande Group, were soaring. The real estate empire he founded two decades earlier was building enormous residential developments across China, borrowing billions of dollars, and selling apartments at a breathtaking pace. At the height of the boom, Celebrity Net Worth estimated Hui's net worth a…
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