Evergrande founder sentenced to life in prison
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 file photo)
The Shenzhen Intermediate People’s Court sentenced Hui Ka Yan, the founder of China’s Evergrande real estate group, to life in prison on Aug. 20 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.
