Founder of collapsed Chinese property giant Evergrande sentenced to life in prison
Hui's sentencing marks a key moment in the fallout from Evergrande's collapse, which shook China's property sector.
Hui Ka Yan, the founder of Evergrande, the once-mighty Chinese property giant, has been sentenced to life in prison, according to state media. The court also confiscated all of Hui's personal assets. Hui pleaded guilty to embezzlement and corporate bribery in April. In addition to his imprisonment, Evergrande Group was fined 8.82 billion yuan ($960 million), and its real estate unit was ordered to pay 7 billion yuan ($960 million).
Hui, also known as Xu Jiayin, started Evergrande in 1996 from humble beginnings in rural China, rising to become China's largest real estate developer with a market valuation of over $50 billion. However, Evergrande's fortunes changed in 2020 when Beijing imposed measures to control debt in China's property sector. The company struggled to sell properties at discounted prices and ultimately collapsed in 2021, leaving hundreds of unfinished projects.
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