Hui Ka Yan, founder of China Evergrande Group, was sentenced to life imprisonment on Thursday after a court in Hong Kong found him guilty on eight criminal charges.
The sentence includes the confiscation of all personal assets, according to state broadcaster CCTV. The charges against Hui, who also faces allegations of illegally taking public deposits and fundraising fraud, stem from financial misconduct linked to the embattled property giant.
Evergrande, once the country’s second-largest developer by sales, has been at the center of a years-long debt crisis that has roiled China’s real estate sector. Authorities have described the company as the world’s most indebted property developer, with liabilities exceeding $300 billion amid a broader slowdown in the housing market.
The verdict was delivered following a high-profile trial that underscored the Chinese government’s crackdown on financial misconduct in the real estate industry. Regulators have intensified scrutiny of developers amid concerns over systemic risks to the broader economy.
The ruling comes as Evergrande continues to navigate restructuring efforts under court supervision, with creditors and investors awaiting further details on the company’s path to resolution.
