Chinese Court Sentences Founder of China’s Failed Real Estate Developer Evergrande to Life in Prison for Fraud
The court also fined Evergrande 8.82 billion yuan and sentenced five other executives to prison terms of six 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.
41 Articles
41 Articles
Because of embezzlement and corruption, the founder of the Chinese real estate company Evergrande, Xu Jiayin, has to go to prison.
Tycoon at the heart of China’s property crisis jailed for life
By Sylvie Zhuang, CNN Hong Kong (CNN) — The founder of embattled Chinese property behemoth Evergrande was sentenced to life in prison on Thursday, according to state media. Evergrande Group was once China’s largest real estate developer, but it has been hobbled by debt since 2021, with $300 billion in liabilities. Its crisis – like The post Tycoon at the heart of China’s property crisis jailed for life appeared first on News Channel 3-12.
The tycoon receives life imprisonment and loses his estate after a macro-judgment for fraud and bribery; the ruling includes millions of penalties for the conglomerate and penalties for ex-directives
(Beijing=Yonhap News) Correspondent Jung Sung-jo = A Chinese court has imposed life imprisonment on Xu Jiayin, the former chairman and founder of Evergrande, who is considered a symbol of China's real estate crisis...
Xu Jiayin is also sentenced to more than one billion euros in fine. With a liability of more than 300 billion dollars, Evergrande had been forced to liquidate and had been at the origin of the Chinese real estate crisis.
Xu Jiayin was found guilty of corruption and financial fraud, and his entire personal property is confiscated.
Coverage Details
Bias Distribution
- 41% of the sources are Center
Factuality
To view factuality data please Upgrade to Premium
