Hui Ka Yan pleads guilty

Hui Ka Yan expressed remorse during his trial, which addressed eight separate charges related to the misuse of funds and illegal taking of public deposits.

Evergrande's implosion in 2021 triggered a wider property crisis in China, leaving billions of dollars in liabilities and unfinished housing projects.

While the founder faces a potentially lengthy prison sentence, liquidators are continuing to battle in international courts to freeze his offshore assets.

The case is seen as a major signal of the Chinese government's commitment to holding corporate leaders accountable for financial instability.