Founder of collapsed Chinese property giant Evergrande sentenced to life in prison
The founder of Evergrande, the property giant at the centre of China’s housing market slump, has been sentenced to life in prison and had all of his personal property confiscated. Hui Ka Yan pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery. Shenzhen Intermediate People’s Court also fined his former [...] The post Founder of collapsed Chinese…
The founder of the collapsed Chinese property giant Evergrande, Hui Ka Yan, has been sentenced to life in prison and had all of his personal property confiscated. Hui pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery. His sentencing marks a key moment in the fallout from Evergrande’s collapse, which shook China’s property sector and hit investors and domestic banks hard.
Other Evergrande executives, including Hui’s two sons, were also sentenced to jail terms ranging from 22 months to 18 years.
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