China Sentences Evergrande Founder Hui Ka Yan to Life in Prison
The court also fined Evergrande 8.82 billion yuan and sentenced five other executives to prison terms of up to 18 years.
- 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.
206 Articles
206 Articles
China Evergrande founder, once Asia's richest man, sentenced to life in prison
A court in Shenzhen sentenced China Evergrande founder Hui Ka Yan to life in prison and ordered all his personal property confiscated. He pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud, illegally taking public deposits, illegally extending loans, fraudulently issuing securities and bribery.
China Cements Property Tycoon's Fall From Grace
China's onetime property king just received a life sentence. A court in Shenzhen on Thursday ordered Evergrande founder Hui Ka Yan (Xu Jiayin in Mandarin Chinese) to spend the rest of his life in prison, stripping him of political rights and seizing his assets after finding he orchestrated years of...
The ruling puts an end to the judicial process resulting from the collapse of the real estate giant, which went into default in 2021 and became the symbol of the beginning of the real estate crisis that has hit the Chinese economy for more than five years
The founder of the now-bankrupt real estate giant Evergrande has been sentenced to life imprisonment in China. All of Hui Ka Yan's personal assets will also be confiscated, the court in Shenzhen ruled. According to the court, Hui used his position to commit fraud, among other things. The 67-year-old Hui was charged with eight counts, including bribery, fraud, and embezzlement. He pleaded guilty in April. The judge also imposed a multi-billion d…
Xu Jiayin, 67 years old and of modest origins, had become the embodiment of success before his fall, which began in 2023.
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