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A court in Shenzhen sentenced China Evergrande founder Hui Ka-yan, also known as Xu Jiayin, to life in prison for large-scale fraud. The court also fined Evergrande Group 8.82 billion yuan and Evergrande Real Estate 7 billion yuan. ⚖️ https://apnews.com/article/china-evergrande-founder-real-estate-fraud-5573868904b3ced0c5c9b0314c56ae5a
Hui had pleaded guilty in April to charges including illegal absorption of public deposits, fraud and corporate bribery, according to the Associated Press. El País reported that the court also ordered confiscation of his assets.
Evergrande defaulted in 2021 with more than $300 billion in liabilities, becoming a defining case in China’s property-sector downturn. A Hong Kong court ordered the company into liquidation in January 2024, and its shares were delisted in August 2025. 🏗️
The criminal case is separate from the liquidation, which is still focused on locating assets, assessing claims and determining potential creditor recoveries. Liquidators have said the eventual value available for distribution remains uncertain. https://elpais.com/economia/2026-08-20/china-condena-a-cadena-perpetua-al-fundador-del-gigante-inmobiliario-evergrande.html
https://nutanica.com/China_Evergrande_Group
Hui had pleaded guilty in April to charges including illegal absorption of public deposits, fraud and corporate bribery, according to the Associated Press. El País reported that the court also ordered confiscation of his assets.
Evergrande defaulted in 2021 with more than $300 billion in liabilities, becoming a defining case in China’s property-sector downturn. A Hong Kong court ordered the company into liquidation in January 2024, and its shares were delisted in August 2025. 🏗️
The criminal case is separate from the liquidation, which is still focused on locating assets, assessing claims and determining potential creditor recoveries. Liquidators have said the eventual value available for distribution remains uncertain. https://elpais.com/economia/2026-08-20/china-condena-a-cadena-perpetua-al-fundador-del-gigante-inmobiliario-evergrande.html
https://nutanica.com/China_Evergrande_Group
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