Evergrande founder Hui Ka Yan gets life in prison
Shenzhen court also seized his personal assets and fined Evergrande 8.82 billion yuan in a fraud case.
The Shenzhen Intermediate People's Court on Thursday (20/8) sentenced China Evergrande Group founder Hui Ka Yan, also known as Xu Jiayin, to life in prison after finding him guilty in a fraud case and other financial violations. The ruling also stripped him of political rights for life and ordered the seizure of all personal assets. Evergrande was fined 8.82 billion yuan, while its unit, Evergrande Real Estate or Hengda, was fined 7 billion yuan. According to the court, between 2016-2021 Hui and the company falsified financial statements, inflated assets, concealed debt and raised funds illegally. Evergrande's collapse, with debt of more than US$300 billion, has been one of the triggers of China's property crisis since 2021.