Hui Ka-yan pleads guilty at Shenzhen trial
Hui Ka-yan, the founder and former chairman of China Evergrande Group, admitted guilt at a public trial held by the Shenzhen Intermediate People's Court on Monday and Tuesday, according to a court statement. The charges include embezzlement of corporate assets, corporate bribery, and fundraising fraud. Hui expressed remorse during the proceedings.
The court has not yet issued a judgement; sentencing will follow at a date to be determined.
Evergrande, once the world's most indebted property developer, defaulted on its offshore debt in late 2021, setting off a protracted liquidity crisis across China's real estate sector that has weighed on the broader economy for years. Hui was detained by Chinese authorities in 2023.
The guilty plea forecloses a contested defence and is likely to accelerate the sentencing timeline, though Chinese courts in high-profile economic crime cases frequently take additional time to finalise rulings. The charges carry significant custodial sentences under Chinese law.
