Chinese court sentences Evergrande founder to life in prison for fraud
BEIJING (AP) — The Shenzhen Intermediate People’s Court sentenced Hui Ka Yan, the founder of China’s Evergrande real estate group, to life in prison Thursday for large-scale fraud. It also fined Evergrande Group 8.82 billion yuan ($1.31 billion) and Evergrande Real Estate 7…
According to the Shenzhen Intermediate People’s Court in Beijing, Hui Ka Yan, the chairman and founder of China Evergrande Group, has been sentenced to life in prison for large-scale fraud. The court also imposed fines of 8.82 billion yuan ($1.31 billion) on Evergrande Group and 7 billion yuan ($1.04 billion) on Evergrande Real Estate.
Hui Ka Yan, also known as Xu Jiayin, had pleaded guilty in April to charges that include illegal absorption of public deposits, fraud and corporate bribery. Evergrande was the world's most heavily indebted real estate developer, with liabilities exceeding $300 billion before it was ordered to liquidate in 2020. The company's collapse, following a government crackdown on excessive borrowing, caused a crisis throughout the Chinese real estate market.
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