Global Markets
Home›Global Markets›China›Evergrande founder Hui Ka Yan sentenced to life in pri…
Evergrande founder Hui Ka Yan sentenced to life in prison
The court also fined Evergrande Group 8.82 billion yuan and ordered the real estate unit to pay 7 billion yuan, according to state media.
BBC Business reports that Hui Ka Yan, the founder of Evergrande, has been sentenced to life in prison and had all of his personal property confiscated by the Shenzhen Intermediate People's Court.
The outlet says Hui pleaded guilty in April to charges including embezzlement of assets and corporate bribery, as the ruling marks a pivotal step in the fallout from Evergrande's collapse.
BBC Business reports the court fined Evergrande Group 8.82 billion yuan and ordered the company's real estate unit to pay 7 billion yuan, citing state media.
It also notes that Evergrande, once China's biggest property developer, collapsed in 2021 after rapid expansion fueled by large amounts of borrowed money, and the fallout has continued to weigh on China's property sector and economy.