Evergrande founder Hui Ka-yan sentenced to life imprisonment

The Shenzhen Intermediate People’s Court has sentenced Evergrande founder Hui Ka-yan (also known as Xu Jiayin) to life imprisonment. The ruling follows findings that Hui and two group companies committed a wide range of financial crimes.

Between 2016 and 2021, the court determined that Hui and his companies engaged in large-scale financial fabrication, including inflating assets and concealing liabilities. Specific charges included fraudulent issuance of securities, illegal absorption of public deposits, fundraising fraud, embezzlement of company property, and corporate bribery. Hui was also convicted of illegally using funds and being deprived of political rights for life.

In addition to the prison sentence, the court ordered the confiscation of all of Hui’s personal property. Evergrande Group was fined 8.82 billion yuan, while Evergrande Real Estate was fined 7 billion yuan. The court has ordered the continued recovery of illegal gains to address any shortfalls.