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Chinese Court Sentences Founder of China’s Failed Real Estate Developer Evergrande to Life in Prison for Fraud
The court also ordered confiscation of Hui Ka Yan’s personal property as Evergrande faced more than $300 billion in liabilities.
- A Chinese Court, The Shenzhen Intermediate People, sentenced China Evergrande Group Chairman Hui Ka Yan to life in prison on Thursday for large-scale fraud. State media CCTV reported the decision.
- Evergrande was the world's most heavily indebted property developer with more than $300 billion in liabilities before the Court ordered the company to liquidate, destabilizing the real estate sector in China.
- Hui faced eight charges including misuse of funds, fundraising fraud, and illegally taking public deposits, according to Court proceedings. These allegations formed the basis for the fraud conviction.
- The ruling orders confiscation of all personal property belonging to Hui, accompanying the life sentence. This asset seizure reflects severe legal penalties imposed by the Court.
- Once a prominent figure in Hong Kong, Hui appeared at a news conference in China in March 2017 to discuss China Evergrande Group's annual results, years before the developer's eventual collapse.
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The founder of the Chinese real estate giant Evergrande, Xu Jiayin, was sentenced to life imprisonment by a Chinese court for a number of financial crimes. (ANSA)
·Rome, Italy
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China Evergrande founder sentenced to life imprisonment, CCTV reports
·London, United Kingdom
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Associated Press News+6 Reposted by 6 other sources
Chinese court sentences Evergrande founder to life in prison for fraud
The Shenzhen Intermediate People’s Court has sentenced Hui Ka Yan, the founder of China’s Evergrande real estate group, to life in prison Thursday for large-scale fraud.
·New York, United States
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Total News Sources16
Leaning Left4Leaning Right0Center10Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
L 29%
C 71%
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