Chinese property billionaire Hui Ka Yan, founder of embattled real estate giant China Evergrande Group, has been sentenced to life imprisonment following a series of financial offences.
According to Reuters, a Chinese court handed down the sentence on Thursday and also ordered the confiscation of Hui’s personal property.
Hui faced eight charges linked to financial misconduct, including fundraising fraud, misuse of funds and illegally accepting public deposits.
Court orders confiscation of assets
The ruling represents one of the most significant criminal penalties linked to the collapse of China’s once-booming property sector.
State broadcaster CCTV reported that Hui was convicted following proceedings centred on financial activities connected to the property empire he founded.
The court also ordered his personal assets to be confiscated as part of the judgment.
Evergrande collapse shook property market
Hui transformed Evergrande into one of China’s largest developers during the country’s decades-long property boom.
However, the company accumulated enormous debts as it expanded aggressively into housing and other businesses.
Evergrande later became the world’s most indebted property developer as it struggled to meet obligations to creditors, suppliers and homebuyers.
Its financial problems became a symbol of the wider crisis affecting China’s real estate sector.
China tightens action on financial misconduct
Chinese authorities have increased scrutiny of property developers and executives following years of financial instability in the sector.
Evergrande’s collapse affected thousands of housing projects and contributed to declining confidence among Chinese homebuyers and investors.
Hui’s life sentence marks a dramatic fall for a businessman who was once among China’s wealthiest individuals and one of the most influential figures in the country’s property industry.
