Evergrande founder admits fraud and bribery

The founder of debt-ridden real estate developer China Evergrande pleaded guilty to a series of charges, including illegal absorption of public deposits, fraud and corporate bribery, according to a Shenzhen court statement on Tuesday. Hui Ka-yan, also known as Xu Jiayin, was detained in September 2023 on suspicion of committing crimes. Shenzhen Intermediate People’s Court said in a statement on WeChat that Hui expressed remorse in court during a trial on Monday and Tuesday. The court will deliver a judgment at a later date. Hui was also accused of illegal lending, illegal use of funds and disclosure of material information in violation of rules, among other charges, the court said. Evergrande was the world’s most heavily indebted real estate developer with more than US$300 billion in liabilities when a Hong Kong court handed down a liquidation order in 2024. Founded in the mid-1990s by Hui, the company had over 90 percent of its assets on the mainland, according to the 2024 ruling. Shares in China Evergrande were removed from the Hong Kong bourse in 2025. Evergrande is among scores of developers that defaulted on debts after Chinese regulators cracked down on excessive borrowing in the property industry in 2020. Unable to obtain financing, the companies' vast obligations to creditors and customers became unsustainable.(AP) Edited by Altis Wong