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Shenzhen: Evergrande founder Hui Ka Yan, also known as Xu Jiayin, got sentenced to life in prison by a Chinese court on Thursday over multiple financial crimes, marking a major setback for the property tycoon once considered Asia’s richest man.
Hui was found convicted by a Shenzhen court of financial fraud, abuse of funds, illegal fundraising, and bribery. His personal assets were taken, and he was denied political rights for the rest of his life.
Evergrande was penalised 8.82 billion yuan ($1.31 billion), while its subsidiary Hengda Real Estate was fined another 7 billion yuan. The corporation went bankrupt after defaulting on more than $300 billion in debt, becoming an example of China's prolonged property crisis.
Hui made a guilty plea in April 2026 after being arrested in 2023. Several others connected to the case also received prison sentences of up to eighteen years by the court.
