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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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102 Articles
102 Articles
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.
·Hamburg, Germany
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The founder of the real estate giant has been found guilty of financial fraud, illegal fundraising and fraudulent issuance of securities. Confiscated all his assets, while Evergrande has been fined for almost 2 billion dollars
·Turin, Italy
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Coverage Details
Total News Sources102
Leaning Left26Leaning Right22Center29Last UpdatedBias Distribution38% Center
Bias Distribution
- 38% of the sources are Center
38% Center
L 34%
C 38%
R 28%
Factuality
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