Hui Ka Yan pleads guilty

Hui Ka Yan, the founder of the fallen Chinese property giant Evergrande, has pleaded guilty to multiple charges including fundraising fraud and illegally taking public deposits.

Once one of the world's richest men, Hui expressed remorse during trial proceedings in Shenzhen as liquidators continue to battle over the company's remaining assets.

The developer's implosion in 2021 helped spark a wider property crisis in China, leaving billions of dollars in liabilities unresolved.

Prosecutors also accused Hui of corporate bribery and the misuse of funds during his time at the helm of the world's most indebted developer.

The case is seen as a significant moment in Beijing's crackdown on excessive borrowing and financial misconduct in the real estate sector.