The founder of the Chinese real estate developer Evergrande was sentenced to life in prison
The Shenzhen Intermediate People's Court in China sentenced Hui Ka-yan, founder of the Evergrande real estate group, to life in prison and ordered the confiscation of all his personal assets, according to BBC News.
Hui Ka Yan, also known as Xu Jian, pleaded guilty in April to several charges, including embezzlement and corporate bribery. According to Chinese state media, the court also fined Evergrande Group 8.82 billion yuan—about 960 million pounds sterling or 1.31 billion U.S. dollars. The company’s real estate division was ordered to pay an additional 7 billion yuan.
For more breaking news, follow the UA.News Telegram channel.
Hui founded Evergrande in 1996 and led the company’s rapid expansion, which was financed by substantial borrowing. The group eventually became China’s largest real estate developer, with a market value exceeding $50 billion.
Evergrande collapsed in 2021. The company’s collapse hit investors and Chinese domestic banks hard. Evergrande is often blamed for causing a broader downturn in the Chinese real estate market, which continues to weigh on the country’s economy.
