Evergrande Founder Hui Ka Yan Sentenced to Life in Prison

The founder of Evergrande, a major player in China's property market, has received a life sentence and had all personal assets confiscated following his guilty plea to multiple charges, including embezzlement and corporate bribery.

The Shenzhen Intermediate People's Court also imposed a fine of 15.82 billion yuan on Hui's former companies for various offenses, such as falsifying records and hiding debt. The court noted that Hui's actions severely disrupted the property market, leading to substantial economic losses.

In addition to Hui, other executives from Evergrande, including his sons, received prison sentences ranging from 22 months to 18 years. Once considered Asia's richest individual, Hui's fortunes have drastically declined as Evergrande faced significant challenges, particularly after regulatory measures were introduced in 2020 to curb debt in the property sector.