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The Shenzhen Intermediate People's Court sentenced Hui Ka Yan, founder of China Evergrande Group, to life in prison on Thursday for large-scale financial fraud committed between 2016 and 2021. He was also stripped of his political rights for life and had all personal assets confiscated.

The Shenzhen Intermediate People's Court sentenced Hui Ka Yan, founder of China Evergrande Group, to life in prison on Thursday for large-scale financial fraud committed between 2016 and 2021. He was also stripped of his political rights for life and had all personal assets confiscated.

The court fined Evergrande Group 8.82 billion yuan ($1.31 billion) and Evergrande Real Estate 7 billion yuan ($1.04 billion) — among the largest corporate criminal fines levied by a Chinese court.

The court fined Evergrande Group 8.82 billion yuan ($1.31 billion) and Evergrande Real Estate 7 billion yuan ($1.04 billion) — among the largest corporate criminal fines levied by a Chinese court.

Hui, also known as Xu Jiayin, pleaded guilty in April to charges including fundraising fraud, illegal absorption of public deposits, embezzlement and corporate bribery. The court found he used bribery to gain control of financial institutions and illegally secured credit and insurance funds for Evergrande.

City News Service

Hui, also known as Xu Jiayin, pleaded guilty in April to charges including fundraising fraud, illegal absorption of public deposits, embezzlement and corporate bribery. The court found he used bribery to gain control of financial institutions and illegally secured credit and insurance funds for Evergrande.

The court found that between 2016 and 2021, Evergrande and Hui engaged in sustained, large-scale financial fraud, including inflating assets and concealing liabilities. Evergrande carried more than $300 billion in liabilities before a Hong Kong court ordered it to liquidate in 2024.

The court found that between 2016 and 2021, Evergrande and Hui engaged in sustained, large-scale financial fraud, including inflating assets and concealing liabilities. Evergrande carried more than $300 billion in liabilities before a Hong Kong court ordered it to liquidate in 2024.

Evergrande's collapse followed a Chinese government crackdown on excessive borrowing in 2020, which cut off debt-laden developers from the credit needed to fund operations. The company's default in 2021 triggered a broader crisis across China's real estate sector.

Evergrande's collapse followed a Chinese government crackdown on excessive borrowing in 2020, which cut off debt-laden developers from the credit needed to fund operations. The company's default in 2021 triggered a broader crisis across China's real estate sector.

In addition to Hui's sentence, 56 other individuals connected to Evergrande received prison terms ranging from 18 years to one year and 10 months. The Shenzhen court also noted that compensation for losses takes priority over the enforcement of fines and property confiscation under Chinese law.

In addition to Hui's sentence, 56 other individuals connected to Evergrande received prison terms ranging from 18 years to one year and 10 months. The Shenzhen court also noted that compensation for losses takes priority over the enforcement of fines and property confiscation under Chinese law.

Chinese court sentences Evergrande founder to life in prison for fraud

Chinese court sentences Evergrande founder to life in prison for fraud

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Chinese court sentences Evergrande founder to life in prison for fraud

Chinese court sentences Evergrande founder to life in prison for fraud

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