The founder of the heavily indebted property developer China Evergrande has pleaded guilty to a series of charges, including illegally raising public funds, fraud, and corporate bribery, according to a statement released today by a Chinese court.
Hui Ka Yan, also known as Xu Jiayin, was detained in China in September 2023 on suspicion of criminal activity.
The Shenzhen Intermediate People’s Court said in a statement published on WeChat that Hui expressed remorse during a trial held between Monday and today. The court will issue its sentence at a later date.
Hui was also charged with illegal lending, misuse of funds, and disclosure of sensitive information in violation of regulations, among other offences.
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Among those present in court were representatives of individuals involved in earlier fundraising activities, as well as members of the National People’s Congress, China’s top legislative body.
Evergrande was once the world’s most indebted property developer, with more than $300 billion in liabilities, when a Hong Kong court ordered its liquidation in 2024.
Founded in the mid-1990s by Hui, the company held more than 90% of its assets in mainland China, according to the 2024 ruling. China Evergrande’s shares were delisted from the Hong Kong Stock Exchange in 2025.
Evergrande is among dozens of developers that defaulted on debts after Chinese regulators tightened controls on excessive borrowing in the property sector in 2020. Unable to secure financing, companies’ obligations to creditors and customers became unsustainable.
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The crackdown plunged the property sector into crisis, dragging down the world’s second-largest economy.
During the trial, Evergrande faced allegations including illegal fundraising, fraud, corporate bribery, and illegal bond issuance through its mainland real estate arm.
