Evergrande Founder Hui Ka Yan Sentenced to Life in Prison

The Shenzhen Intermediate People's Court sentenced Hui Ka Yan, the 67-year-old founder of the collapsed property giant Evergrande, to life in prison. Hui pleaded guilty in April to eight charges, including corporate bribery, embezzlement of assets, fraud, and the misuse of funds. The court ordered the confiscation of all his personal property and fined his former companies 15.82bn yuan for crimes including falsifying records and concealing debt.

In a broader crackdown, the court sentenced 56 other individuals associated with the company. This group included Hui's sons, Xu Zhijian and Xu Tenghe, who received prison terms ranging from 22 months to 18 years. State media described the economic losses as "exceptionally heavy" and the harm to society as "extremely grave."

Evergrande's downfall followed a 2020 Beijing crackdown on property sector debt and a 2021 default that left the company with approximately £220 billion in debt. The court stated that Hui and his businesses "seriously disrupted" the Chinese property market, leaving hundreds of projects unfinished after pre-sale funds were diverted from construction.