Hui Ka Yan, the founder of embattled Chinese property developer Evergrande, has pleaded guilty to a number of charges including embezzlement of corporate assets and corporate bribery, according to a statement issued by the court.
Hui expressed remorse during the public hearing on 13 and 14 April, in the city of Shenzhen, according to Chinese state media.
The court said it will announce its verdict on the case at a later date.
His guilty plea marks a pivotal moment in the fallout from Evergrande's collapse, which has shaken China's property sector and left investors and domestic banks reeling.
Evergrande was once China's biggest real estate firm, with a stock market valuation of more than $50bn (£37bn), Evergrande collapsed into a debt-driven crisis in 2021 that has unravelled its business.
