Chinese court sentences Evergrande founder to life in prison for fraud

News > Business News

FILE - A woman walks by a map showing Evergrande development projects in China, as she heads to an Evergrande city plaza in Beijing on Sept. 18, 2023. (AP Photo/Andy Wong, File)

FILE -A worker collects trash in a partially shuttered Evergrande commercial complex, on the day Hong Kong Stock Exchange delisted the Chinese property developer China Evergrande, in Beijing, China, Aug. 25, 2025. (AP Photo/Mahesh Kumar A., File) — FILE - A woman walks by a map showing Evergrande development projects in China, as she heads to an Evergrande city plaza in Beijing on Sept. 18, 2023. (AP Photo/Andy Wong, File)

Audio By Carbonatix

12:21 AM on Thursday, August 20

The Associated Press

BEIJING (AP) — The Shenzhen Intermediate People’s Court sentenced Hui Ka Yan, the founder of China’s Evergrande real estate group, to life in prison Thursday for large-scale fraud.

It also fined Evergrande Group 8.82 billion yuan ($1.31 billion) and Evergrande Real Estate 7 billion yuan ($1.04 billion), according to a statement issued by the court.

Hui Ka Yan, also known as Xu Jiayin, pleaded guilty in April to a series of charges, including illegal absorption of public deposits, fraud and corporate bribery.

Evergrande was the world’s most heavily indebted real estate developer with more than $300 billion in liabilities before it was ordered to liquidate.

Its downfall, which came as Chinese government officials cracked down on excessive borrowing in 2020, tipped the entire Chinese real estate market into crisis.