Evergrande Founder Receives Life Sentence Amid Property Crisis
By Editor • August 20, 2026 • 1 min read
The founder of the beleaguered property giant Evergrande, Hui Ka Yan, has been sentenced to life imprisonment following his guilty plea to multiple charges, including embezzlement and corporate bribery. The Shenzhen Intermediate People's Court also imposed hefty fines on Evergrande Group, amounting to 8.82 billion yuan (£960 million; $1.31 billion), while its real estate division faces an additional penalty of 7 billion yuan.
This sentencing is a pivotal event in the aftermath of Evergrande's dramatic downfall, which has rocked China's property sector and significantly impacted investors and banks. Once a titan in real estate, Hui's empire crumbled after the Chinese government implemented debt control measures in 2020, leading to the sale of properties at steep discounts and leaving many projects unfinished.
Hui, who once seemed invincible with a fortune that made him Asia's richest man, has now seen his business's market value plummet by 99%, culminating in its removal from the Hong Kong exchange.
Source: www.bbc.co.uk
