Former 'Asia's Richest Man' Sentenced to Life in Prison in China (2 photos)
The founder of one of China's largest real estate developers has been found guilty of fraud. 
A court in Shenzhen has sentenced Hui Ka Yan, founder and chairman of Chinese developer Evergrande, to life in prison with full asset forfeiture. The businessman pleaded guilty to several charges, including fundraising fraud, misappropriation of funds, and securities fraud.
The Shenzhen People's Court established that between 2016 and 2021, Hui engaged in large-scale financial fraud, including the illegal use of funds and embezzlement of public deposits. Alongside Hui, 56 other co-defendants were sentenced, including two of his sons, receiving prison terms ranging from 22 months to 18 years. In addition, the court ordered the confiscation of all of Hui’s assets and fined Evergrande Group and its subsidiary $2.35 billion. 
Hui Ka Yan founded Evergrande in Guangzhou in 1996. Borrowing heavily to fund ambitious mega-projects, the firm quickly grew into one of China's largest and fastest-growing property developers. In 2017, Hui was named Asia's richest person with an estimated net worth of $45.3 billion. However, as a real estate crisis unfolded in 2021, the company collapsed under $300 billion in debt. Trading in Evergrande shares was suspended for nearly two years. When trading resumed in August 2023, the stock plummeted by more than 85%. In January 2024, a Hong Kong court ordered the liquidation of the company.
According to The New York Times, Evergrande's collapse marked the start of a prolonged slump in China's real estate market, "pushing China's financial system to the brink of catastrophe and exposing the vulnerabilities of the country's economy."
Hui's downfall began in 2021, when severe financial distress came to light at his company, which had accumulated more than $300 billion in debt.
The company ultimately collapsed under its $300 billion debt burden. Media outlets noted that Evergrande's downfall was both a symptom of the wider crisis in China's real estate market and a major factor in deepening it.
