Evergrande founder Hui Ka Yan sentenced to life in prison in China
UKPulse News Desk
The founder of Chinese property giant Evergrande, Hui Ka Yan, has been sentenced to life in prison after pleading guilty to charges including embezzlement and corporate bribery.
- Hui Ka Yan, founder of Evergrande, received a life sentence and had all personal property confiscated.
- He pleaded guilty in April to charges including embezzlement of assets and corporate bribery.
- Evergrande Group was fined 8.82bn yuan (£960m), and its real estate unit 7bn yuan.
Hui Ka Yan, the founder of Chinese property giant Evergrande, has been sentenced to life in prison. The Shenzhen Intermediate People's Court also ordered the confiscation of all his personal property.
Mr Hui pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery. State media reported that Evergrande Group was fined 8.82bn yuan (£960m; $1.31bn), with its real estate unit ordered to pay 7bn yuan.
This sentencing follows the collapse of Evergrande in 2021, a situation which impacted China's property sector, investors, and domestic banks.
Why this matters: The sentencing of Hui Ka Yan marks a pivotal moment in the fallout from Evergrande's collapse, which has been linked to a broader slump in China's property market.