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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179 Articles
The founder of the now-bankrupt real estate giant Evergrande has been sentenced to life imprisonment in China. All of Hui Ka Yan's personal assets will also be confiscated, the court in Shenzhen ruled. According to the court, Hui used his position to commit fraud, among other things. The 67-year-old Hui was charged with eight counts, including bribery, fraud, and embezzlement. He pleaded guilty in April. The judge also imposed a multi-billion d…
Chinese court sentences founder of troubled property developer Evergrande to life in prison - The Tribune
Chinese property developer Hui Ka Yan, founder of the Evergrande real estate group, has been sentenced to life in prison and the companies were fined a total of more than USD 2 billion, a court in the southern city of Shenzhen said Thursday. The decision marks a milestone in Evergrande’s saga after it collapsed with […]
In China, Hui Ka Yan, the founder and long-time CEO of the real estate and construction group Evergrande, has been sentenced to life imprisonment.
Hui Ka Yan, the founder of the liquidated real estate giant Evergrande in China, has been sentenced to life imprisonment for crimes including fraud and illegal deposit collection. All of the billionaire's assets have been seized, and Evergrande and its subsidiaries, already reeling from a debt crisis, have been fined heavily.
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