China Sentences Evergrande Founder Hui Ka Yan to Life in Prison
- 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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In China, the verdict has been passed against the founder of the insolvent real estate company Evergrande: Xu Jianyin has to be detained for life. He and other former employees have been accused of fraud and corruption.
Evergrande was once China's leading real estate developer, fueled by decades of rapid urbanization and rising living standards across the country. However, stricter lending conditions aimed at curbing excessive borrowing led to its default in 2021. The collapse of Evergrande and other industry peers, coupled with the ongoing real estate market crisis, continues to hamper the growth they had long been a driving force behind. Evergrande's founder,…
Founder of China’s disgraced property giant jailed for life, as firm fined over US$2 billion
China sentenced the founder of embattled property giant Evergrande to life in prison and fined the group more than US$2 billion on Thursday for offences including fraud, five years after a high-profile default. Evergrande Group was once the face of Chinese real estate, surfing a decades-long property boom as it peddled home-ownership dreams. But its […]
A Chinese court has sentenced Xu Jiayin, founder of the Evergrande real estate empire, to life in prison, ordered the confiscation of all his personal assets, and fined his subsidiaries a total of over 8.82 billion yuan.
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