Evergrande founder pleads guilty

The legal proceedings against China Evergrande's founder have reached a critical milestone as Hui Ka Yan admitted to a litany of financial crimes.

Prosecutors in Shenzhen detailed how Hui and other executives orchestrated a massive scheme to illegally absorb public deposits and misuse corporate funds as the developer's debt crisis spiraled out of control.

Expressing remorse in court, Hui faces a potential life sentence for his role in the collapse of a company that once symbolized China's economic boom.

The guilty plea comes as liquidators continue to hunt for billions in offshore assets to repay creditors worldwide.