China Sentences Evergrande Founder Hui Ka Yan to Life in Prison
BEIJING – China has officially sentenced Evergrande founder Hui Ka Yan to life in prison. A court in the southern city of Shenzhen handed down this severe verdict on Thursday. This decision marks a dramatic end for a businessman who once ranked as Asia’s richest person. His stunning downfall highlights the massive collapse of one […] The post China Sentences Evergrande Founder Hui Ka Yan to Life…
China has sentenced the founder of property giant Evergrande, Xu Jiayin, to life in prison for financial crimes, including fundraising fraud, misuse of funds, illegal loans, securities fraud, and bribery. The court in Shenzhen also ordered the confiscation of his personal assets and fined Evergrande and its main mainland subsidiary, Hengda Real Estate, a combined 15.82 billion yuan (US$2.35 billion).
This verdict comes nearly five years after Evergrande defaulted on its debt, marking one of the largest failures in China's property sector.
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