Evergrande founder Hui Ka Yan sentenced to life in prison

Evergrande founder Hui Ka Yan has been sentenced to life in prison, with all his personal property confiscated, according to a Shenzhen Intermediate People's Court. The court ordered the confiscation of Hui's assets following his guilty plea in April to charges of fraud, corporate bribery, and illegally taking public deposits. Evergrande, a once-prominent Chinese property developer, defaulted on its $300 billion in liabilities in 2021, along with billions in wealth management payments.

The court also revoked Hui's political rights for life and ordered the confiscation of all his personal property. Evergrande itself was fined 8.82 billion yuan ($1.31 billion; €1.12 billion), and its main subsidiary, Hengda Real Estate, was fined 7 billion yuan. Five other senior executives received prison terms ranging from six to 18 years.

The court found Hui guilty of engaging in large-scale financial fraud to inflate assets and conceal liabilities, as well as using bribery to gain control of financial institutions.