Evergrande founder Hui Ka Yan has been sentenced to life in prison by a Chinese court for fraud and corruption, with his personal assets confiscated and his political rights suspended for life. The group, listed in Hong Kong, was fined 8.82 billion yuan and its subsidiary Hengda Real Estate an additional 7 billion yuan, for a total of 15.82 billion yuan (approximately 2.4 billion dollars). Fifty-six other people were sentenced during this collective trial, including his two sons, Xu Zhijian and Xu Tenghe. Investigators had established that the mainland subsidiary had inflated its revenues by more than 560 billion yuan through pre-registered sales, a fraud on a scale comparable to Enron. Evergrande, the world’s most indebted property developer, is under judicial liquidation, leaving Chinese and foreign creditors to fight over the remnants of its assets.
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