China Sentences Evergrande Founder Hui Ka Yan to Life in Prison
The court also fined Evergrande 15.82 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.
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122 Articles
The assets of the head of the bankrupt real estate giant are being confiscated, and his sons have also been convicted.
In China, the bankruptcy of the giant Evergrande triggered a major real estate crisis. The Chinese justice system has concluded the criminal proceedings related to this collapse and sentenced its founder, Xu Jiayin, to life imprisonment on Thursday, August 20. A harsh verdict for the former real estate magnate, arrested in 2023, but one that does nothing to resolve the issue of the billions still owed to creditors.
The collapse of the real estate company became a symbol of China's real estate crisis. Now, a court sentenced founder Xu Jiayin to life imprisonment.
Evergrande founder sentenced to life in prison by Chinese court
Hui Ka Yan, who had faced eight charges including misuse of funds and illegally taking public deposits, pleaded guilty in April, following China Evergrande's collapse five years ago after a quarter of a century in operation.
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