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In China, court sentences founder of Evergrande to life in prison for fraud

The Shenzhen Intermediate People's Court sentenced, this Thursday (20), Hui Ka Yan, founder of the Chinese real estate group Evergrande, to life imprisonment for large-scale fraud. Also known as Xu Jiayin, the businessman pleaded guilty in...

By 365 Breaking News Editorial Team 1 min read
In China, court sentences founder of Evergrande to life in prison for fraud
365 Summary

The court also imposed fines of 8.82 billion yuan (US$1.31 billion) on the Evergrande Group and 7 billion yuan (US$1.04 billion) on Evergrande Real Estate, according to a statement released by the Court. Evergrande was the most indebted real estate developer in the world, with more than US$300 billion in liabilities, before being liquidated in 2024.

  • The company's collapse plunged China's real estate market into a crisis.
  • Court suspends dismissals from Casas Bahia and restricts new cuts In the process, the National Confederation of Commerce Workers (CNTC) stated that the company closed 298 stores and laid...

Editorial reading aid based only on information contained in this story and its identified source.

The Shenzhen Intermediate People's Court sentenced, this Thursday (20), Hui Ka Yan, founder of the Chinese real estate group Evergrande, to life imprisonment for large-scale fraud. Also known as Xu Jiayin, the businessman pleaded guilty in April to a series of charges, including illegal deposit taking, fraud and bribery.

The court also imposed fines of 8.82 billion yuan (US$1.31 billion) on the Evergrande Group and 7 billion yuan (US$1.04 billion) on Evergrande Real Estate, according to a statement released by the Court.

Evergrande was the most indebted real estate developer in the world, with more than US$300 billion in liabilities, before being liquidated in 2024. The company's collapse plunged China's real estate market into a crisis.

Court suspends dismissals from Casas Bahia and restricts new cuts

In the process, the National Confederation of Commerce Workers (CNTC) stated that the company closed 298 stores and laid off around 1,900 employees between August 13 and 14, without prior union intervention.