The founder of Chinese property giant Evergrande, Hui Ka Yan, has been sentenced to life in prison, with his personal assets confiscated, marking a major development in the fallout from the company’s collapse.
Hui pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery.
The Intermediate People’s Court of Shenzhen also fined his former companies a combined 15.82 billion yuan ($2.35 billion; £1.73 billion) over multiple offenses, including falsifying financial information and concealing debt.
The court said Hui and his businesses had “seriously disrupted” China’s property market, causing significant economic losses.
The punishment comes after Evergrande’s spectacular collapse, which sent shockwaves through China’s property sector and inflicted major losses on investors and domestic banks.
Several other Evergrande executives were also sentenced, including Hui’s two sons, Xu Zhijian and Xu Tenghe, who received prison terms ranging from 22 months to 18 years, according to Chinese state media.
Hui, also known as Xu Jiayin, was once considered the richest man in Asia. His fortune and influence collapsed alongside the property empire he built.
Born into a modest family in rural China and raised by his grandmother, Hui entered the property business and founded Evergrande in 1996, turning it into one of China’s largest developers before its enormous debt burden brought the company down.
