Hui Ka Yan, the founder of the heavily indebted real estate group Evergrande, has pleaded guilty to several economic crimes. A verdict is still pending.
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The founder of the Chinese real estate group Evergrande, Hui Ka Yan, has pleaded guilty in a court in Shenzhen to committing several economic crimes. The company’s problems are emblematic of the crisis in the Chinese real estate sector, which has long been a burden on the country’s economic growth.
According to the court, the issues include embezzlement, fraudulent raising of capital and the illegal acceptance of public deposits; Hui showed remorse.
Other allegations include illegal lending, fraudulent issuance of securities and bribery. A verdict will follow at a later date.
The group has debts of $300 billion world’s most indebted real estate developers. Hui has not been seen in public since his arrest by Chinese authorities in 2023.