Evergrande Founder Sentenced to Life Imprisonment

A Chinese court has sentenced Hui Ka Yan, founder of Evergrande, one of the country's largest real estate companies, to life imprisonment. The billionaire is also known as Xu Jiayin.

The Shenzhen Intermediate People's Court found him guilty of eight financial crimes, including fundraising fraud, misappropriation of funds, illegal loans, securities fraud, and bribery. The court also ordered the confiscation of all of Hui Ka Yan's personal assets.

According to the court ruling, Evergrande and its subsidiary Hengda Real Estate were fined a total of 15.82 billion yuan—approximately 2.35 billion dollars. In the same case, 56 other individuals associated with Hui Ka Yan were sentenced to various prison terms. Some former executives received sentences of up to 18 years.

In 2017, Hui Ka Yan became the richest person in Asia, with his wealth reaching 45.3 billion dollars following a sharp rise in Evergrande's stock price.

However, the company's aggressive debt-fueled growth model later led to a severe crisis. Evergrande's liabilities exceeded 300 billion dollars, leading to a default in 2021. In 2024, the liquidation process for the company began.

Thus, the business empire of Hui Ka Yan, once the richest man in Asia, ended in collapse.