Hong Kong, 14 Apr. (LaPresse/AP) – The founder of Evergrande, the Chinese property developer, has pleaded guilty to various charges, including fraud and corruption. Hui Ka Yan, also known as Xu Jiayin, was arrested in September 2023. The Shenzhen Intermediate People’s Court stated that Hui expressed remorse during the trial. The court will deliver its sentence at a later date. Evergrande was the world’s most indebted property company. The firm had debts of over $300 billion when a Hong Kong court ordered its liquidation in 2024. Evergrande defaulted after Chinese regulators tightened controls on excessive debt in the property sector in 2020.
China: Evergrande founder pleads guilty to fraud and corruption
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