Evergrande Founder Hui Ka Yan Sentenced to Life in Prison
Hui Ka Yan, the founder of Evergrande, has been sentenced to life in prison after pleading guilty to fraud. This marks a significant moment in the fallout from Evergrande's collapse, which severely impacted China's property sector. Alongside his sentencing, Hui forfeits all personal property, and the company faces substantial fines.
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China Sentences Evergrande Founder to Life in Prison
Hui Ka Yan’s punishment caps the downfall of a property empire whose collapse set off a prolonged crisis in the Chinese economy. Hui Ka Yan, the founder of Evergrande, in court on Thursday in Shenzhen, China, in a photo released by Chinese state media.
Founder of China’s Evergrande jailed for life after pleading guilty to fraud
Hui Ka Yan also forfeits all his personal property and the company he set up is given hefty fines Business live – latest updates The founder of Evergrande, one of China’s largest property developers, has been sentenced to life in prison and had all of his personal property confiscated. Hui Ka Yan, 67 and once named by Forbes as China’s richest man, with a net worth of $42.5bn (£31.2bn) in 2017, pleaded guilty in April to eight charges. Continue reading...
Founder of collapsed Chinese property giant Evergrande sentenced to life in prison
Hui's sentencing marks a key moment in the fallout from Evergrande's collapse, which shook China's property sector.