Evergrande founder Hui Ka Yan was sentenced to life in prison by a Shenzhen court, with his personal assets confiscated and his companies fined a combined $2.3 billion in penalties. The ruling follows the 2024 liquidation order and marks the culmination of investigations into the group’s $300 billion debt collapse.
The Shenzhen Intermediate People’s Court convicted Hui, 67, of large‑scale financial fraud, including inflating assets and concealing liabilities. He pleaded guilty in April on charges of illegal deposit absorption, fraud and bribery. The court fined Evergrande 8.82 billion yuan ($1.31 billion) and its subsidiary 7 billion yuan ($1.04 billion).
The life sentence and asset confiscation underscore the Chinese authorities’ resolve to punish corporate malfeasance amid a broader crackdown that has tightened credit for developers and pressured banks. The ruling also signals the end of Evergrande’s legal battles, as the company’s liquidation order and delisting in 2025 were already finalized.