China Sentences Evergrande Founder Hui Ka Yan to Life in Prison
The court also fined Evergrande and its real estate arm 15.82 billion yuan, and 56 people received jail terms, state media reported.
- 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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260 Articles
Evergrande founder gets life sentence
China yesterday sentenced the founder of embattled property giant Evergrande to life in prison and fined the group more than US$2 billion for offenses including fraud, five years after a high-profile default.Evergrande Group was once the face of Chinese real estate, surfing a decades-long property b
Evergrande founder Hui Ka Yan, once Asia’s richest man, gets life in prison after property giant’s collapse
Evergrande founder Hui Ka Yan, once Asia’s richest man, gets life in prison after property giant’s collapse Click this link for the original source of this article. Author: New York Post This content is courtesy of, and owned and copyrighted by, https://www.offthepress.com and its author. This content is made available by use of the public...
Evergrande founder Hui Ka Yan, once Asia’s richest man, sentenced to life in prison after property giant’s collapse
The Chinese tycoon 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.
The real estate magnate fell into disrepute and the founder Evergrande Xu Jiayin, who was at one point the richest man in China, seemed exhausted when a Chinese court sentenced him, Thursday, to life imprisonment, informs France24.
A Chinese court on Thursday sentenced the founder of troubled real estate giant Evergrande to life in prison and fined the company and its subsidiary more than $2 billion for a high-profile default five years ago.
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