Chinese court jails Evergrande founder for life over fraud and embezzlement
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Chinese court jails Evergrande founder for life over fraud and embezzlement
Chinese court jails Evergrande founder for life over fraud, fines group billions
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A Chinese court sentenced Evergrande founder Xu Jiayin, also known as Hui Ka Yan, to life in prison on Thursday for financial crimes including fraud, embezzlement of public deposits, and the fraudulent issuance of securities. The Shenzhen People’s Court also ordered the confiscation of all his personal assets and revoked his political rights for life, according to state broadcaster CCTV .
The court fined Evergrande Group 8.82 billion yuan ($1.3 billion) and its mainland subsidiary, Evergrande Real Estate, 7 billion yuan ($900 million) for financial violations. The ruling stated that between 2016 and 2021, Xu, as the “actual controller” of Evergrande, falsified financial statements to inflate assets and conceal liabilities, while engaging in large-scale fraud and misappropriation of funds .
Xu, once China’s richest man with a net worth estimated at $43 billion in 2017, built Evergrande into one of the world’s most indebted property developers, with liabilities exceeding $300 billion at the time of its default in late 2021. The company’s collapse triggered a broader crisis in China’s real estate sector, which had long relied on debt-fueled expansion. Evergrande was delisted from the Hong Kong stock exchange last year and is now in liquidation .
In April, Xu pleaded guilty to charges including embezzlement and fraudulent capital raising. The court’s verdict on Thursday marks the conclusion of a case that has drawn global attention as a symbol of the challenges facing China’s property market, where new home prices continued to fall last month and real estate investment has declined .
Evergrande’s mainland subsidiary was previously fined 580 million yuan in 2024 for inflating revenue by nearly $80 billion between 2019 and 2020. The company’s default in 2021 left millions of unfinished homes and unpaid suppliers, contributing to a prolonged downturn in a sector that once accounted for about a quarter of China’s economy .
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Articles
El fundador de Evergrande, la promotora inmobiliaria china, condenado a cadena perpetua Hui Ka Yan, presidente de la promotora que acabó colapsando, cumple pena de prisión desde que Evergrande incurrió en impago hace casi cinco años. Leer
expansion · about 2 hours ago
Cadena perpetua para el rey del ladrillo chino Xu Jiayin, fundador de Evergrande, que llegó a ser el mayor imperio inmobiliario de China, ha sido condenado por múltiples delitos financieros tras protagonizar una de las mayores caídas empresariales de la historia reciente del país asiático Leer
elmundo · about 2 hours ago
🚨 China has sentenced the founder of the property giant Evergrande, whose collapse set off a prolonged crisis in Chinese economy, to life in prison. @insiderpaper
telegram_Insider Paper · about 2 hours ago
Vastgoedkeizer Xu Jiayin veroordeeld tot levenslang: hij laat 330 miljard dollar schulden en miljoenen onafgewerkte huizen achter
de morgen · about 2 hours ago
Chine : lex-patron du géant déchu de limmobilier Evergrande condamné à la perpétuité La sentence prononcée jeudi 20 août par un tribunal de Shenzhen contre Xu Jiayin met un point final à lun des plus gros scandales du pays. La faillite du promoteur surendetté, en 2023, avait précipité une crise immobilière dont les conséquences se font encore sentir.
courrier international · about 2 hours ago
Evergrande: Lebenslange Haft für Chinas Immobilienkönig Hui Ka Yan, Gründer von Chinas ehemals größtem Immobilienkonzern Evergrande, ist zu lebenslanger Haft verurteilt worden. Chinas Immobilienkrise beendet das Urteil allerdings nicht.
sueddeutsche · about 2 hours ago
Chinese Tycoon Who Symbolized Property Bust Is Sentenced to Life in Prison A court found Evergrande founder Hui Ka Yan, a Harvard donor, responsible for large-scale fraud to hide debts.
wsj · about 2 hours ago
Uitspraak in Chinees megaschandaal: oprichter van gevallen vastgoedreus Evergrande levenslang de cel in
trouw · about 3 hours ago
Xu Jiayin, lex-patron chinois du géant de limmobilier Evergrande, condamné à la prison à vie Le fondateur de ce groupe dont la faillite fut retentissante en 2021 a été jugé coupable de « fraude financière » et de « détournement de fonds » par un tribunal en Chine. Le groupe devra payer une amende de près de 2 milliards deuros.
le monde · about 3 hours ago
Fondatorul Evergrande a fost condamnat la închisoare pe viață. Ascensiunea și căderea lui Xu Jiayin, odată cel mai bogat om din China Magnatul imobiliar căzut în dizgrație și fondatorul Evergrande Xu Jiayin, care a fost la un moment dat cel mai bogat om din China, părea epuizat în momentul în care o instanță chineză l-a condamnat, joi, la închisoare pe viață, informează France24.
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