Hui Ka Yan, the billionaire founder of collapsed property giant China Evergrande Group and once Asia's richest man, has been sentenced to life imprisonment in China on charges including bribery, fraud, and falsifying financial data.
Hui Ka Yan, the founder of China Evergrande Group who was once ranked as Asia's wealthiest person with a peak net worth of $45.3 billion, has been sentenced to life in prison by a court in Shenzhen. The ruling follows his conviction on charges of bribery, fraud, and falsifying financial information related to the company's massive collapse and subsequent debt crisis.
The court also imposed fines totaling more than $2 billion on Hui and related entities, and ordered the confiscation of all his personal assets. Fifty-six other individuals connected to the case received prison sentences ranging from 22 months to 18 years, including Hui's two sons.
Evergrande's near-collapse in 2021 triggered a broader crisis across China's real estate sector, with the company owing more than $300 billion in liabilities. A prolonged restructuring effort failed in 2024, and a Hong Kong court ordered the firm to be liquidated. The company was subsequently delisted from the Hong Kong Stock Exchange in 2025. Liquidators continue efforts to recover assets to compensate creditors.
The court stated the crimes involved exceptionally large sums and caused staggering economic losses and widespread social harm. The sentencing marks one of the most high-profile criminal cases in China's business history and underscores the government's intensified crackdown on financial misconduct in the property sector.