Shenzhen: (RightNow) A Chinese court has sentenced Hui Ka Yan, founder of China Evergrande Group, to life imprisonment. He has also been fined $1.31 billion.

Hui Ka Yan admitted to eight charges in April 2026, including misuse of funds and bribery.

The court ordered the confiscation of Hui Ka Yan’s assets. Five senior executives of the company received prison sentences ranging from 6 to 18 years.

Evergrande, once China’s largest real estate company, went bankrupt in 2023. Its bankruptcy impacted the economy and financial markets.

It is noteworthy that Chinese authorities detained Hui Ka Yan after the company’s bankruptcy. The court sentenced a total of 56 individuals.