BUSINESS

China Evergrande Founder Pleads Guilty in Landmark Trial Over Property Collapse

Published: Apr. 14, 2026 4:37 p.m. GMT+8

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Hui Ka Yan.

China Evergrande Group founder Hui Ka Yan has pleaded guilty to multiple criminal charges, marking a key moment in the legal fallout from the collapse of the country’s once-largest property developer.

Hui, 67, also known as Xu Jiayin in Mandarin, pleaded guilty to eight charges including embezzlement and fundraising fraud during a trial in Shenzhen held on Monday and Tuesday.

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Evergrande founder Hui Ka Yan (Xu Jiayin), 67, pleaded guilty to eight charges including embezzlement and fundraising fraud in Shenzhen trial.
Hengda Real Estate and another firm faced charges of illegal deposit-taking and securities fraud; sentencing pending.
Evergrande's 2021 liquidity crisis involved liabilities over 2 trillion yuan ($310 billion).

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Who’s Who

China Evergrande Group: China Evergrande Group's founder Hui Ka Yan pleaded guilty to eight charges, including embezzlement and fundraising fraud, in a Shenzhen trial. Related firms like Hengda Real Estate face illegal deposit-taking and securities fraud charges. The case stems from Evergrande's 2021 liquidity crisis, with liabilities over $310 billion. Sentencing pending. (58 words)

Hengda Real Estate Group Co. Ltd.: Hengda Real Estate Group Co. Ltd., an Evergrande-related company on China's mainland, was tried for illegal deposit-taking and securities fraud. China’s securities regulator previously penalized it for financial misconduct, including inflating revenue and issuing bonds based on false disclosures.

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