Evergrande founder Hui Ka Yan sentenced to life in prison

A Chinese court has sentenced Hui Ka Yan (also known as Xu Jiayin), founder of the property giant Evergrande, to life in prison for financial crimes including fraud and bribery, marking a dramatic fall for a man once considered China's richest Source: CNN. The Shenzhen Intermediate People's Court also ordered the confiscation of all his personal assets and the permanent revocation of his political rights Source: El Confidencial.

The verdict

The court found that between 2016 and 2021, Hui and his companies engaged in "continuous and large-scale financial fraud" to inflate assets and conceal liabilities Source: Infobae. Evergrande Group was fined 8.82 billion yuan (about US$1.2 billion), and its main subsidiary Evergrande Real Estate was fined 7 billion yuan (about US$1 billion) Source: Clarin. The court described the crimes as "particularly atrocious" with "exceptionally large" amounts involved Source: The New York Times. Hui had pleaded guilty in April to eight charges, including illegal absorption of public deposits and bribery Source: ABC.

Wider sentences

In addition to Hui, five other senior executives received prison terms ranging from six to 18 years, and a total of 56 people were sentenced, with terms from one year and ten months to 18 years Source: El Nacional. Hui's two sons were also among those sentenced Source: El Día.

Context

Evergrande, once China's largest property developer, collapsed in 2021 with over US$300 billion in liabilities, triggering a broader crisis in the country's real estate sector Source: Portafolio. The company was ordered liquidated by a Hong Kong court in 2024, and its shares were delisted in August 2025 Source: Emol. The sentencing underscores Beijing's continued tough stance on the property sector, with analysts noting it signals no bailout is forthcoming Source: Portafolio.