BEIJING, Aug 20: A Chinese court on Thursday sentenced Hui Ka Yan, founder of debt-laden property giant Evergrande, to life imprisonment for large-scale fraud.
The Shenzhen Intermediate People's Court also imposed a fine of 8.82 billion yuan (USD 1.31 billion) on Evergrande Group and 7 billion yuan (USD 1.04 billion) on Evergrande Real Estate, according to a court statement.
Hui, also known as Xu Jiayin, pleaded guilty in April to multiple charges, including illegally absorbing public deposits, fraud and corporate bribery.
Evergrande was once the world's most heavily indebted property developer, with liabilities exceeding USD 300 billion before a court ordered its liquidation.
The company's collapse followed a Chinese government crackdown on excessive borrowing by property developers in 2020, triggering a prolonged crisis in the country's real estate sector.
The downfall of Evergrande has had wider repercussions for China's property market, which has remained under significant financial pressure amid weak demand, falling home prices and high levels of developer debt.
