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The end of a billionaire who will spend his entire life in prison

2026-08-20 15:17:08Kosova&Bota SHKRUAR NGA REDAKSIA VOX

The end of a billionaire who will spend his entire life in prison

The founder of Chinese real estate company Evergrande, Hui Ka Yan, has been sentenced to life imprisonment by a court in China.

Hui, who was once the richest man in Asia, was found guilty of several offenses, including financial fraud, misappropriation of funds, illegal collection of money, illegal lending, securities fraud and bribery.

Evergrande had debts of around $300 billion and was unable to repay most of them. The company's collapse became one of the biggest examples of the crisis in China's real estate sector.

The court in Shenzhen also decided to confiscate all of his personal property.

What about people's money?

The punishment does not mean that people and companies who lost money will get it back. Many Chinese citizens had invested their savings in Evergrande's financial products and lost money when the company failed.

Some apartment owners and investors reacted on social media by asking: What about our money?

Evergrande was fined 8.82 billion yuan, while its parent company, Hengda Real Estate, was fined 7 billion yuan. Five other senior executives received sentences ranging from 6 to 18 years in prison. In total, 56 people linked to Evergrande have been sentenced, in addition to Hui.

What happened to Evergrande?

Hui founded Evergrande in 1996 and built it into one of China's largest construction companies, expanding heavily through debt. In 2017, his personal fortune was estimated at $45.3 billion.

But the company began to have major debt problems and defaulted on its payments in 2021. In 2024, a Hong Kong court ordered Evergrande to be liquidated.

The process of selling the company's assets has been very slow. By last August, only about $255 million in assets had been sold, while creditors were claiming about $45 billion.

Hui Ka Yan went from being one of Asia's richest men to the head of a company that collapsed under hundreds of billions of dollars in debt. Now he has been sentenced to life in prison, while many of the people and companies who lost money are still waiting to get something back.


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