Tycoon at the Heart of China’s Property Crisis Jailed for Life
The court also fined Evergrande 8.82 billion yuan and sentenced five other executives to prison terms of six 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.
64 Articles
64 Articles
Hui Ka Yan, the founder of the real estate company Evergrande, is sentenced to life imprisonment, fined and has all his property confiscated.
Chinese justice orders the confiscation of all assets of Xu Jiayin, who became the richest man in Asia before the company's collapse.
According to the Court's findings and reported by Cctv, between 2016 and 2021 Evergrande, Evergrande Real Estate and Xu would have inflated assets and hidden liabilities through continuous and large-scale financial frauds.
Former Evergrande chairman Xu Jiayin, also known as Hui Ka Yan, in 2012 AFP The billionaire founder of Evergrande, the world's most indebted real estate developer, was sentenced to life imprisonment on Thursday (19) by a Chinese court, which ordered the confiscation of all his personal assets. Hui Ka Yan (Cantonese name), also known as Xu Jiayin (Mandarin name), pleaded guilty in April to eight charges, including embezzlement, fraud in fundrais…
Evergrande Group declared bankruptcy in 2021
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