A Chinese court has sentenced Hui Ka Yan, the founder of China Evergrande Group, one of the largest borrowers in the real estate sector, to life imprisonment. This comes five years after the company's collapse, which shook the country's economy and financial markets.
Hui Ka Yan, once the richest man in Asia, was found guilty in April on eight counts, including misappropriation of funds, fraud in investment solicitation, illegal appropriation of state deposits, illegal loan issuance, fraudulent issuance of securities, and corruption.
It is noteworthy that in 2020, Evergrande's annual sales volume reached 700 billion yuan (100 billion dollars). In 2017, Hui's wealth was estimated at 45.3 billion dollars, which was the highest figure in Asia according to Forbes. By 2023, it had decreased to about 3 billion dollars.
The court decided to confiscate all of his personal property.
