Evergrande Founder Hui Ka Yan Sentenced to Life Imprisonment for Fraud

The Shenzhen Intermediate People's Court in China has sentenced Hui Ka Yan, the founder of the Evergrande real estate group, to life imprisonment for large-scale fraud. The court also imposed a fine of 8.82 billion yuan (approximately 2.2 billion NZD) on the Evergrande Group and 7 billion yuan (approximately 1.7 billion NZD) on Evergrande Real Estate. Hui Ka Yan pleaded guilty in April to a range of crimes including illegal public fund absorption, fraud, and corporate bribery. Evergrande was the world's most indebted real estate developer with liabilities exceeding 300 billion dollars (approximately 504 billion NZD) before it was forced into bankruptcy after Chinese government officials took measures against excessive borrowing. The bankruptcy of Evergrande has led to a crisis in China's entire real estate market.