China Evergrande founder Hui Ka-yan sentenced to life imprisonment
A court in Shenzhen has sentenced China Evergrande Group founder and former chairman Hui Ka-yan, also known as Xu Jiayin, to life imprisonment for “multiple combined crimes”, confiscating all Hui’s personal property. Meanwhile, Evergrande was fined 8.82 billion yuan (US$1.3 billion), while its onshore operating unit Hengda Real Estate was fined 7 billion yuan – one of the biggest corporate fines…
China Evergrande Group founder Hui Ka-yan has been sentenced to life imprisonment by a court in Shenzhen for multiple crimes including embezzlement and bribery, according to prosecutors. All of Hui's personal property was confiscated as part of the sentencing, which also imposed fines on Evergrande of 8.82 billion yuan (US$1.31 billion) and its onshore operating unit Hengda Real Estate of 7 billion yuan.
Hui, also known as Xu Jiayin, pleaded guilty to charges in April and will have his political rights permanently revoked. The financial troubles of Evergrande in 2021 marked the end of the "three highs" business model, characterized by high debt, high leverage, and high asset turnover, for Chinese developers.
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Also reported by 4 other outlets
- China Evergrande Founder Hui Ka Yan Sentenced To Life Imprisonment Over $300 Billion Debt Crisis freepressjournal.in
- Chinese court sentences Evergrande founder to life in prison for fraud apnews.com
- Chinese court sentences Evergrande founder to life in prison for fraud winnipegfreepress.com
- China Evergrande founder Hui Ka Yan sentenced to life in prison asia.nikkei.com
