Shenzhen court sentences Evergrande founder Hui Ka Yan to life in prison for embezzlement, bribery
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Shenzhen Intermediate People's Court sentenced Evergrande Group founder Hui Ka Yan to life in prison on Aug. 21 for embezzling company assets and corporate bribery. The court also ordered confiscation of his personal property. The court said Hui and his companies caused significant damage to China's property market and substantial economic losses.
Key Facts
- The Shenzhen court fined Hui's former companies 15.82 billion yuan ($2.35 billion) for falsifying documents, concealing debt and other violations.
- Hui pleaded guilty in April to charges including embezzlement of company assets and corporate bribery.
- Other former Evergrande executives, including Hui's two sons, received prison terms from 22 months to 18 years.
- Hui founded Evergrande in 1996, and the company's market value at its peak exceeded $50 billion.
- In 2024, Hui was fined $6.5 million for overstating Evergrande revenue by $78 billion and banned from China's capital markets for life.
The Verdict
Shenzhen Intermediate People's Court sentenced Hui Ka Yan to life in prison and ordered confiscation of his personal property on Aug. 21. Hui pleaded guilty in April to multiple charges including embezzling company assets and corporate bribery. The court fined his former companies 15.82 billion yuan ($2.35 billion) for falsifying documents, concealing debt and other violations. China's state media reported that other former Evergrande executives, including Hui's two sons, received prison terms from 22 months to 18 years. The court said Hui and his companies caused significant damage to China's property market and substantial economic losses.
Evergrande's Rise and Fall
Hui founded Evergrande in 1996, and the company used debt to become one of China's largest developers with a peak market value above $50 billion. After Beijing introduced debt limits for construction companies in 2020, Evergrande faced financial difficulties. In 2021 the company failed to meet debt obligations and entered a crisis. Investigators found Evergrande diverted part of advance payments from homebuyers to other projects, leaving hundreds of construction sites unfinished. Evergrande shares fell about 99% from their peak and the company was delisted from the Hong Kong stock exchange in August 2025.
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Shenzhen court sentences Evergrande founder Hui Ka Yan to life in prison for embezzlement, bribery
