Evergrande Founder Hui Ka Yan Was China’s Richest Man. Now He’s Been Sentenced to Life in Prison
The downfall of a property empire that left behind $300 billion in debt has ended in a life sentence.
In this handout photo released by Xinhua News Agency, Hui Ka Yan, also known as Xu Jiayin, founder of property developer Evergrande stands trial at the Shenzhen Intermediate People’s Court in Shenzhen, south China’s Guangdong Province, Thursday, Aug. 20, 2026. Photo: Shenzhen Intermediate People’s
Court/Xinhua
Founder Hui Ka Yan has been sentenced to life in prison for financial crimes linked to the collapse of his Evergrande real estate group.
The 67-year-old was convicted on Thursday
The 67-year-old was convicted on Thursday by the Shenzhen Intermediate People’s Court, which found that Hui, also known as Xu Jiayin, abused his position in the company by orchestrating fraud and misappropriating company assets.
Hui, who was once named by Forbes as China’s richest man with a net worth of $42.5 billion in 2017, was convicted on eight charges, including misuse of funds,fundraising fraud, illegally taking public deposits, illegally extending loans, fraudulently issuing securities, and bribery.
Following the court decision, the Evergrande Group was fined 8.82 billion yuan, equivalent to $1.31 billion. Evergrande Real Estate Group was fined 7 billion yuan, equivalent to $1.04 billion.
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The amount involved is exceptionally large, the circumstances
“The amount involved is exceptionally large, the circumstances are particularly egregious, and extraordinarily heavy economic losses have been caused,” the court wrote in a statement. “The harm to society is extremely serious. Therefore, severe punishment should be given in accordance with the law.”
Hui’s sons, Xu Tenghe and Xu Zhijian, have also been sentenced alongside other senior Evergrande executives for potential fraud and the illegal use of funds, China’s official Xinhua News Agency said. According to the Associated Press, Hui pleaded guilty in April to various charges after he was detained in China.
Billionaire downfall
Born in Henan, China, in 1958, Hui’s stint in business started in the early 1980s when he became an associate director of the heat-treatment shop of Wuyang Iron and Steel Company. After working in multiple trading companies, Hui launched Evergrande in 1996, a Chinese property development company.
Source: www.inc.com
