Hui Ka Yan, the founder of the now-collapsed Chinese property giant Evergrande, has been sentenced to life in prison after admitting to fraud and bribery charges. A court in Shenzhen also ordered the confiscation of all of Hui's assets.
The sentencing marks a dramatic downfall for the 67-year-old, who was once Asia's richest man. State media outlet Xinhua reported that Hui "must be severely punished" due to the "exceptionally large" amount involved, "particularly heinous" circumstances, "exceptionally heavy economic losses," and "extremely grave" harm to society.
Evergrande, founded by Hui in 1996, grew to become China's largest property developer. At its peak, the company was worth nearly £40 billion and built homes for over 12 million people. Hui himself amassed a fortune, becoming Asia's richest man in 2017 with an estimated net worth of £33 billion.
However, the company defaulted on its debts in 2021, triggering a severe crisis across China's property sector. The default led to significant losses for investors and banks. Reports indicated that the failure to repay billions of dollars in debt fueled protests that threatened social stability.
In addition to Hui, 56 other individuals associated with Evergrande, including his sons Xu Zhijian and Xu Tenghe, also received sentences. Hui had previously pleaded guilty to eight charges, including misuse of funds, fraud, and bribery.