China Evergrande founder Hui Ka Yan has been sentenced to life imprisonment after pleading guilty to eight financial offences, including fundraising fraud and misuse of funds. A Chinese court also ordered his personal assets confiscated and fined Evergrande and its subsidiary billions of yuan over financial misconduct
Hui Ka Yan, founder of China Evergrande Group, has been sentenced to life in prison by a Chinese court after being convicted of multiple financial offences linked to the property developer’s collapse, Reuters reported.
The court also ordered the confiscation of Hui’s personal assets. The billionaire had pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud and illegally accepting public deposits.
The ruling marks a dramatic fall for Hui, who transformed Evergrande from a regional property company into one of China’s biggest developers before its financial troubles became a symbol of the country’s prolonged real estate crisis.
Evergrande’s Massive Debt Crisis
