A Chinese court has sentenced the owner of one of China’s major real estate companies to life imprisonment and imposed a fine of $1.31 billion.
According to details, a Chinese court sentenced Hui Ka Yan, founder of the well-known real estate developer China Evergrande Group, to life in prison. In addition to the prison sentence, the court ordered him to pay a fine of $1.31 billion.
Hui Ka Yan was once considered one of Asia’s wealthiest individuals. In April 2026, he pleaded guilty to eight charges, including misuse of funds, fundraising fraud, illegal solicitation of public funds and bribery.
China Evergrande, once the country’s largest real estate company, declared bankruptcy in 2023, dealing a major blow to the Chinese economy and financial markets. A court in Shenzhen also ordered the confiscation of all of Hui Ka Yan’s assets.
In addition, five senior company executives were sentenced to between six and 18 years in prison. In total, 56 people associated with the company were convicted and sentenced.
The court said the company’s actions caused substantial financial losses to the economy and had negative impacts on society.
