Founder of collapsed Chinese property giant Evergrande sentenced to life in prison

Hui Ka Yan, the founder of collapsed Chinese property giant Evergrande, has been sentenced to life in prison and had all of his personal assets confiscated, according to state media reports. Hui pleaded guilty in April to charges including embezzlement of assets and corporate bribery. The Shenzhen Intermediate People's Court also fined Evergrande's former companies a total of 15.82 billion yuan over crimes such as falsifying records and concealing debt.

This sentencing is a significant development in the fallout from Evergrande's collapse, which disrupted China's property market and caused substantial economic losses. Other Evergrande executives, including Hui's two sons, were also sentenced to jail terms ranging from 22 months to 18 years. In April, the court heard that Evergrande had taken millions of dollars in pre-sale funding from potential buyers that were not used for construction, instead channeling it to new developments.

This led to hundreds of unfinished projects. The company's stock market valuation had plummeted by 99% and it was removed from the Hong Kong exchange in August 2025. Hui, once Asia's richest man, has seen his wealth and influence drastically reduced since Evergrande's unraveling.