Evergrande Property Giant Founder Sentenced to Life in Prison for Fraudulent Activities
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Published The founder of Evergrande, the property giant at the centre of China's housing market slump, has been sentenced to life in prison and had all of his personal property confiscated.
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FortuneA court in southern China’s Guangzhou said Friday it had accepted a bankruptcy liquidation case against Evergrande’s mainland Chinese property development unit, which according to industry data accounted for much of the group’s overall debt.
Washington Times BusinessA court in southern China’s Guangzhou said Friday it had accepted a bankruptcy liquidation case against Evergrande’s mainland Chinese property development unit, which according to industry data accounted for much of the group’s overall debt.
ZeroHedgeFive years after Chinese property development firm Evergrande Group collapsed under the weight of enormous debt, founder Xu Jiayin was sentenced to life in prison on Thursday.
New York Post BusinessIn 2024, China’s securities regulator fined Hui $6.6 million and barred him from the securities market for life, after finding Evergrande’s flagship unit had inflated earnings and committed securities fraud.
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The liquidation process has moved at a glacial pace, according to its liquidators, with only about $255 million worth of assets sold as of last August, compared to creditors’ claims totalling $45 billion.
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ZeroHedgeThe liquidation process has moved slowly. Only $255 million worth of assets were sold as of August 2025, compared with creditors’ claims totalling $45 billion.
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Investigations by authorities in Hong Kong and mainland China found Evergrande had overstated its revenues by roughly $80 billion over 2019 and 2020 by manipulating financial data.
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Washington Times BusinessInvestigations by authorities in Hong Kong and mainland China found Evergrande had overstated its revenues by roughly $80 billion over 2019 and 2020 by manipulating financial data.
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In pictures released by the court, a grey-haired Hui, 67, stood flanked by two officers, wearing a long-sleeved, navy blue collared shirt, as the court read out his sentence.
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Washington Times BusinessA photo of Hui’s courtroom appearance released by the Shenzhen court on Thursday showed an aged Hui, who used to be a high-profile figure but had long been out of public view, wearing a navy blue shirt standing between two uniformed officers behind a sign that read “defendant” in Chinese.
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Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 ZeroHedge As the Epoch Times notes further, Xu has not been seen in public since 2023, but the Shenzhen Intermediate People’s Court released photographs that show him wearing a blue shirt and flanked by two officers as the sentence was read out.
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02 New York Post Business “The criminal acts of Evergrande Group, Hengda Real Estate, and Hui Ka Yan … involved particularly huge amounts and egregious circumstances, caused particularly significant economic losses and caused particularly serious social harm, and should be severely punished according to law,” the court said in a statement.
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03 BBC Business Hui, also known as Xu Jiayin, rose from humble beginnings in rural China, where he was raised by his grandmother before venturing into property development and setting up Evergrande in 1996.
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04 Fortune China takes steps to wrap up the Evergrande saga The latest developments suggest that the Chinese government “may already have a road map” for wrapping up the Evergrande saga, said Foreky Wong, a founding partner at Fortune Ark Restructuring and a restructuring specialist.
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05 Washington Times Business China takes steps to wrap up the Evergrande saga The latest developments suggest that the Chinese government “may already have a road map” for wrapping up the Evergrande saga, said Foreky Wong, a founding partner at Fortune Ark Restructuring and a restructuring specialist.
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06 Financial Times Founder who blamed $300mn fraud on head injury sentenced to prison Judge accepts injury contributed to Christine Hunsicker’s crime as he sentences her to five years in prison
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