Beijing (China), 20 Aug. (LaPresse/AP) – The Shenzhen Intermediate People’s Court has sentenced Hui Ka Yan, also known as Xu Jiayin, founder of the Chinese property group Evergrande, to life imprisonment for large-scale fraud. Evergrande was the world’s most indebted property developer, with liabilities exceeding $300 billion before it was ordered into liquidation. According to a statement released by the court, fines totalling 8.82 billion yuan ($1.31 billion) were also imposed on the Evergrande Group and 7 billion yuan ($1.04 billion) on Evergrande Real Estate. Hui Ka Yan had pleaded guilty in April to a series of charges, including the illegal absorption of public deposits, fraud and corporate corruption. Evergrande was the world’s most indebted property developer, with liabilities of over $300 billion before it was ordered into liquidation. Its collapse, which occurred in 2020 following a crackdown by the Chinese authorities on excessive debt, plunged the entire Chinese property market into crisis.
Evergrande: Shenzhen court sentences founder Hui Ka Yan to life imprisonment
Beijing (China), 20 Aug. (LaPresse/AP) – The Shenzhen Intermediate People’s Court has sentenced Hui Ka Yan, also known as Xu Jiayin, founder of the Chinese property group Evergrande, to life imprisonment for large-scale fraud. Evergrande was the world’s most indebted property developer, with liabilities exceeding $300 billion before it was ordered into liquidation. According to a statement released by the court, fines totalling 8.82 billion yuan ($1.31 billion) were also imposed on the Evergrande Group and 7 billion yuan ($1.04 billion) on Evergrande Real Estate. Hui Ka Yan had pleaded guilty in April to a series of charges, including the illegal absorption of public deposits, fraud and corporate corruption. Evergrande was the world’s most indebted property developer, with liabilities of over $300 billion before it was ordered into liquidation. Its collapse, which occurred in 2020 following a crackdown by the Chinese authorities on excessive debt, plunged the entire Chinese property market into crisis.