China Evergrande’s billionaire boss pleads guilty to fraud

The Guardian The Guardian —

Hui Ka Yan expresses remorse in trial proceedings after collapse of world’s most indebted property developer

A former steelworker who rose to become one of China’s richest people has pleaded guilty to charges including fundraising fraud after the https://www.theguardian.com/business/2024/jan/29/evergrande-collapse-liquidation-china-debt-developer-property-giant">collapse of Evergrande, the world’s most indebted property developer.

The property group’s founder, Hui Ka Yan, “pleaded guilty and expressed remorse” in trial proceedings at a court in China’s southern city of Shenzhen against him and Evergrande, the court said in a posting on its official WeChat account.

He also pleaded guilty to misuse of funds and illegally taking public deposits.

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Hui Ka Yan pleads guilty