Evergrande was the most indebted property developer in the world, with more than $300 billion (255 million euros) in liabilities, when a Hong Kong court issued a liquidation order in 2024.
The founder of heavily indebted property developer China Evergrande has pleaded guilty to a series of charges, including illegally raising public money, fraud and corporate bribery, according to a statement released by a Chinese court.
Hui Ka Yan, also known as Xu Jiayin, was detained in China in September 2023 on suspicion of having committed crimes.
The Shenzhen Intermediate People’s Court said in a statement posted on social media site WeChat that Hui expressed remorse in court during a trial that took place between Monday and today. The court will hand down the sentence at a later date.
Hui was also charged with illegal loans, illegal use of funds and disclosing relevant information in violation of rules, among other charges, the court said.
Among those present in court were representatives of people involved in previous fundraisers and members of the National People’s Congress, the country’s highest legislative body.
Most indebted real estate developer in the world
Evergrande was the most indebted property developer in the world, with more than $300 billion (255 million euros) in liabilities, when a Hong Kong court issued a liquidation order in 2024.
Founded in the mid-1990s by Hui, the company had more than 90% of its assets in mainland China, according to the 2024 ruling. China Evergrande’s shares were delisted from the Hong Kong Stock Exchange in 2025.
Evergrande is among dozens of developers that defaulted on their debts after Chinese regulators took strict action against excessive debt in the real estate sector in 2020. Unable to obtain financing, the companies’ vast obligations to creditors and customers became unsustainable.
The repression also plunged the real estate sector into crisis, dragging down the world’s second largest economy.
During the trial, China Evergrande Group faced a series of accusations, such as illegal absorption of public funds, fundraising fraud, corporate bribery and illegal loans. Evergrande Real Estate Group, its real estate division in mainland China, was accused of committing fraudulent securities issuance.
