The founder of troubled Chinese real estate giant Evergrande has formally admitted to multiple criminal charges, including embezzlement and corporate bribery, in a development that deepens the crisis surrounding the company’s collapse.
Hui Ka Yan entered a guilty plea during court proceedings, marking a significant step in one of the most high-profile financial scandals to impact China’s property industry in recent years. His admission comes as the fallout from Evergrande’s downfall continues to ripple across investors, financial institutions, and the wider economy.
Once regarded as China’s largest property developer, Evergrande held a market valuation exceeding US$50 billion at its peak. However, the company fell into severe debt in 2021, a collapse widely seen as a catalyst for the ongoing downturn in the nation’s real estate sector.
During a two-day public hearing, the court was told that substantial funds collected from homebuyers through pre-sale arrangements were not used for their intended purpose. Instead of financing construction, the money was reportedly redirected into new developments, leaving numerous housing projects incomplete across various regions.
According to an official court statement, Hui expressed remorse for his actions during the proceedings. The court has not yet delivered its final judgment, with a verdict expected at a later date.
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