Hui Ka Yan, the founder of China Evergrande Group, has pleaded guilty to multiple criminal charges, including embezzlement and corporate bribery, marking a major development in one of China’s largest corporate scandals.
The admission was made during hearings held on 13 and 14 April in Shenzhen, according to state media reports. Hui reportedly expressed regret for his actions. The court has yet to deliver its final verdict.
A turning point in a major corporate collapse
Hui’s guilty plea represents a significant milestone in the fallout from Evergrande’s dramatic collapse. Once valued at over $50 billion, the company was at the centre of China’s booming property sector before its debt crisis in 2021 triggered widespread financial instability.
During the trial, prosecutors detailed how the company misused funds collected from homebuyers. Money paid in advance for housing projects was allegedly diverted to finance new developments instead of completing existing ones. This left hundreds of housing projects unfinished across the country.
Rise and fall of a property giant
Founded in 1996, Evergrande grew rapidly during China’s economic expansion, fueled largely by aggressive borrowing. At its peak, the company had around 1,300 projects in more than 280 cities.
However, its heavy reliance on debt—estimated at about $300 billion—eventually made it the world’s most indebted property developer. The situation worsened after Chinese authorities introduced stricter borrowing rules in 2020 to curb financial risks in the real estate sector.
As liquidity tightened, Evergrande resorted to selling properties at discounted prices to generate cash, but this was not enough to prevent its collapse.
Personal and financial consequences
Hui, also known as Xu Jiayin, once ranked among Asia’s wealthiest individuals, with a net worth estimated at $42.5 billion in 2017. His business empire extended beyond real estate into sectors such as electric vehicles, food and beverages, and professional football.
In March 2024, he was fined $6.5 million and permanently banned from participating in China’s capital markets after authorities found that Evergrande had overstated its revenue by $78 billion.
Broader impact on China’s economy
Evergrande’s downfall has had lasting consequences for China’s property market, contributing to a prolonged downturn that continues to affect investors, banks, and economic growth.
The company’s shares, once actively traded for years, were delisted from the Hong Kong stock exchange in August 2025 after losing nearly all their value.
As the court prepares to announce its verdict, the case is expected to remain a key reference point in China’s efforts to address financial risks and restore confidence in its real estate sector.
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