Hui Ka Yan Convicted in Major Financial Crimes Case 
Hui Ka Yan, the founder of China Evergrande Group, has been sentenced to life imprisonment by a Chinese court following his conviction on multiple financial crimes. The court also ordered the confiscation of his personal property.
Hui, also known as Xu Jiayin, faced eight charges, including fundraising fraud, misuse of funds and illegally taking public deposits. He had pleaded guilty to the charges in April and expressed remorse during the proceedings.
Evergrande, once one of China's biggest property developers, became the world's most indebted property company as its debt crisis deepened. The company defaulted on much of its more than $300 billion in liabilities, eventually entering liquidation in 2024.
The court also imposed major fines on Evergrande and an affiliated company, adding another chapter to the collapse of the property empire and China's wider real-estate crisis.
Hui's downfall marks a dramatic reversal for a businessman who once ranked among China's wealthiest billionaires.