Chinese court sentences Evergrande founder to life in prison for fraud
Summary
A Chinese court sentenced Hui Ka Yan, the founder of Evergrande, to life in prison for large-scale fraud. The court also fined Evergrande billions of yuan after Hui pleaded guilty to charges including illegal fundraising and bribery.Key Facts
- Hui Ka Yan, also known as Xu Jiayin, founded Evergrande Group in China.
- The Shenzhen Intermediate People’s Court gave him a life prison sentence on Thursday.
- Hui admitted guilt in April for fraud, illegal collection of public money, and corporate bribery.
- Evergrande was the world’s most indebted real estate company with over $300 billion in debt.
- The company was forced to liquidate after Chinese officials tightened rules on borrowing in 2020.
- The collapse of Evergrande caused problems for the whole Chinese real estate market.
- The court fined Evergrande Group about 8.82 billion yuan ($1.31 billion).
- Evergrande Real Estate was fined another 7 billion yuan ($1.04 billion).
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