Hui Ka-yan gets life amid stiff fines for Evergrande
A mainland court sentenced Hui Ka-yan, former boss of Evergrande Group, to life in prison on Thursday after convicting him of multiple crimes. It also fined Evergrande Group 8.82 billion yuan and Evergrande Real Estate Group seven billion yuan. The court also ordered all personal property belonging to Hui, also known as Xu Jiayin, to be confiscated. Hui pleaded guilty in April to eight charges,…
A Chinese court handed former Evergrande Group president Hui Ka-yan a life sentence on Thursday, alongside multiple fines totaling 8.82 billion yuan. The court also confiscated all of Hui's personal property. Hui admitted guilt in April to eight charges, including financial misuse, fundraising fraud, and illegally handling public funds.
Evergrande Group and Evergrande Real Estate Group each received fines of 8.82 billion yuan and seven billion yuan, respectively. The Shenzhen Intermediate People's Court in Guangdong announced the verdict in a WeChat post. Evergrande, previously the nation's leading developer, has been unable to meet its $300 billion debt obligations since 2021, highlighting the property sector's crisis.
Hui's sentence marks an end to his rise from poverty to wealth, but is unlikely to satisfy Evergrande's creditors, both in China and abroad. Five other senior executives were also sentenced to a combined total of 54 years in prison and various fines.
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