Evergrande founder pleads guilty

Hui expressed remorse in court as he admitted to eight charges, including the illegal absorption of public deposits and the misuse of corporate funds.

His property empire, once the world's most indebted, imploded with over $300 billion in liabilities, sparking a systemic real estate crisis in China.

Liquidators are currently working to freeze Hui's offshore assets to recover billions in dividends paid out before the company's default.

The guilty plea is seen as a significant step in Beijing's broader crackdown on excessive corporate borrowing and financial misconduct.