The decision marks a milestone in Evergrande's saga after it collapsed with more than $300 billion in liabilities when Chinese authorities cracked down on excessive borrowing in the real estate industry in 2020. That triggered a crunch among many developers and brought on a downturn in the property market that has weighed on the broader economy ever since.
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. Photo by AP
The Shenzhen Intermediate People's Court convicted Hui, also known as Xu Jiayin, and Evergrande of engaged in large-scale financial fraud in inflating the group's assets and concealing its liabilities.
In a statement, the court also said Hui also abused his position in orchestrating financial fraud and misappropriating company assets.
It also sentenced several other senior Evergrande executives to prison terms of up to 18 years on charges including illegally taking public deposits and fraud, the court said.
