Evergrande founder Hui Ka Yan, also known as Xu Jiayin, received a life‑sentence in Shenzhen and the group was fined over $2 billion, closing a chapter on the developer’s $300 billion debt collapse that has weighed on China’s property market since 2021.
The Shenzhen Intermediate People’s Court handed down the verdict on Thursday, sentencing Hui and 55 other individuals, including five senior executives and his two sons, to terms ranging from one year to 18 years. Reported fines differ: one source cites 8.82 billion yuan on Evergrande and 7 billion yuan on its real‑estate arm, another totals 15.82 billion yuan (≈$2.4 bn), while a third lists $1.85 bn and $1.45 bn respectively.
The sentencing underscores Beijing’s broader crackdown on leveraged developers and signals that legal penalties will accompany financial misconduct, reinforcing the ongoing liquidation of Evergrande’s assets and the tightening of credit for the sector. It also highlights the systemic risk perceived by regulators as China’s property market shifts from speculative growth to a prolonged contraction.
The three reports disagree on the exact fine amounts and currency conversions: one cites a combined $2.3 bn (1.85 bn + 1.45 bn), another states 15.82 bn yuan (≈$2.4 bn), and a third lists 8.82 bn yuan ($1.31 bn) for Evergrande plus 7 bn yuan ($1.45 bn) for its subsidiary.