Evergrande founder jailed for life, assets seized

A Shenzhen court jailed Hui Ka Yan, founder of Evergrande, for life on multiple crimes, with all personal assets confiscated. The court also fined Evergrande Group and its mainland unit a combined 15.82 billion yuan and sentenced several senior executives to terms up to 18 years. Hui pleaded guilty in April, as Evergrande’s debt-fueled expansion collapsed after a 2021 default that helped spark China’s real estate crisis. The ruling follows the company’s liquidation and delisting after liabilities surpassed $300 billion and reflects Beijing’s ongoing crackdown on excessive borrowing in the property sector. The case underscores ongoing risks to investors and the broader economy as China seeks to stabilize a crucial growth engine.