New Delhi, Aug. 21: China Evergrande founder Hui Ka Yan has been sentenced to life imprisonment after being found guilty of financial crimes, marking another major development in Beijing’s crackdown on misconduct in the property sector.
Hui, who established Evergrande and built it into one of China’s biggest property developers, was convicted of financial offences, according to state broadcaster CCTV and Reuters.
The sentencing comes as China’s real estate industry continues to face significant financial challenges. Evergrande became one of the world’s most heavily indebted property companies after years of aggressive expansion funded largely through borrowing.
The company’s financial difficulties intensified after China’s property market weakened, leaving developers struggling with declining sales, mounting liabilities and unfinished housing projects.
Evergrande was ordered into liquidation by a Hong Kong court in 2024 after failing to reach an agreement with creditors. Its collapse became a major symbol of the wider problems facing China’s property market.
The case against Hui underscores the increasing scrutiny of corporate executives as Chinese authorities seek to strengthen financial discipline and address risks within the property sector.
