China Evergrande founder Hui Ka Yan pleads guilty to fraud and bribery

AP News — Apr 14, 05:58 AM

China Evergrande's founder has pleaded guilty to charges including illegal absorption of public deposits, fraud and corporate bribery.

Hui Ka Yan, also known as Xu Jiayin, was detained in September 2023.

The Shenzhen Intermediate People’s Court says Hui expressed remorse during a trial held between Monday and Tuesday.

The court will deliver a judgment at a later date.

Evergrande was the world’s most indebted real estate developer.

The company owed over $300 billion when a Hong Kong court ordered its liquidation in 2024.

Evergrande defaulted on debts after Chinese regulators cracked down on excessive borrowing in the property industry in 2020.