Evergrande Founder Hui Ka Yan Jailed for Life Over Financial Fraud

A court in Shenzhen, China, has sentenced Evergrande founder Hui Ka Yan, also known as Xu Jiayin, to life in prison for large-scale financial fraud, embezzlement and bribery. His political rights were revoked for life, and his personal property was ordered confiscated. Evergrande and its real estate arm were also fined a combined 15.82 billion yuan, about $2.4 billion. Five former senior executives received prison sentences ranging from six to 18 years. The court said the company inflated assets and concealed liabilities between 2016 and 2021. Evergrande defaulted in 2021 after China tightened borrowing rules for property developers, exposing its severe debt crisis.

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