China Jails Evergrande Founder For Life, Fines Company Over $2bn

A Chinese court has sentenced Hui Ka Yan, the founder of real estate giant Evergrande, to life imprisonment and ordered companies linked to the group to pay fines exceeding $2 billion.

The Shenzhen Intermediate People’s Court in Guangdong province delivered the ruling on Thursday, August 20, 2026.

The court fined Evergrande Group and its real estate arm a total of 15.82 billion yuan ($2.4 billion). It also sentenced Hui Ka Yan, also known as Xu Jiayin, to life in prison, stripped him of his political rights, and ordered the confiscation of all his personal property.

According to the court statement, Evergrande and Hui engaged in continuous financial fraud between 2016 and 2021 to inflate assets, hide liabilities, and gain control of financial institutions through bribery. Hui had previously pleaded guilty to charges including fraud, embezzlement, and bribery in April.

Five other senior executives of the Evergrande Group were also sentenced to prison terms ranging between six and 18 years for their roles in the fraud.

Evergrande, once China’s largest property developer, defaulted on its debts in 2021 following government curbs on excessive borrowing and market speculation.