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Financial Times
Founder of collapsed Chinese property giant given life sentence
Hui Ka Yan, once China's richest person and founder of Evergrande, has been sentenced to life in prison by the Shenzhen court after being found guilty of multiple financial crimes, including embezzlement and bribery. The court also imposed significant fines on Hui and Evergrande as the company continues to grapple with over $300 billion in liabilities following its collapse in 2021. This ruling underscores the severe ongoing challenges in China's property sector, where many developers face challenges linked to over-leveraging and regulatory scrutiny.
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Published 20 Aug 2026, 10:40 UTC2 min read
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Summary
TL;DR
- Hui Ka Yan sentenced to life in prison for financial misconduct.
- Evergrande fined Rmb8.8bn ($1.3bn) along with Hui's asset confiscation.
- The property giant's collapse left liabilities exceeding $300 billion.
- Court found Hui guilty of fabricating financial statements and bribing officials.
- Evergrande's mainland business previously fined $580mn for revenue inflation.
Interesting facts
- Hui was once the richest person in China, highlighting the dramatic shift in his fortunes.
- Evergrande was the world's most indebted developer at its peak.