Founder of collapsed Chinese property giant Evergrande sentenced to life in prison
Hui Ka Yan pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery.
On August 20, the founder of collapsed Chinese property giant Evergrande was sentenced to life in prison and had all his personal assets confiscated. The founder, Hui Ka Yan, admitted guilt in April to charges that included embezzlement and corporate bribery. The Shenzhen Intermediate People's Court also fined his former companies a combined total of 15.82 yuan (£1.73bn; $2.35bn) for various crimes such as falsifying records and hiding debt.
This sentencing follows the collapse of Evergrande, which shook China's property sector and adversely impacted investors and domestic banks. Hui's sentencing is a significant moment in the fallout from Evergrande's collapse. Other Evergrande executives, including Hui's two sons, Xu Zhijian and Xu Tenghe, received prison terms ranging from 22 months to 18 years.
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