Uchumi · Evergrande founder sentencedEvergrande's Founder Sentenced to Life as China's $300 Billion Ghost City Collapse Ends in PrisonImeandikwa 7 Septemba 2026, 21:22 UTCTazamaNakala ya maneno0:00The founder of the world's most indebted0:01developer will spend life in prison. His0:04company left more than 300 billion0:06dollars in liabilities and more than0:071,000 half-built projects with hundreds0:10of thousands of buyers waiting for homes0:11already paid for. The court also imposed0:14one of China's largest corporate0:15criminal fines, about 2.3 billion0:17dollars. What does a life sentence0:19actually repay when the towers are still0:21empty? On August 20, 2026, the Shenzhen0:24Intermediate People's Court in Guangdong0:26province sentenced Hui Ka Yan,0:28>> [music]0:29>> also known as Xu Jiayin, to life0:30imprisonment with deprivation of0:32political rights for life and0:33confiscation of all personal property.0:36It is a first-instance judgment0:38combining multiple offenses into one0:39life term0:40>> [music]0:40>> after he pleaded guilty in mid-April and0:42expressed remorse without contesting the0:44case. Five years separates that peak0:47from [music] the sentence. In 2017, Hui0:49sat atop Asia's rich list at more than0:5142 billion dollars. [music] By late0:532021, Evergrande had defaulted on most0:56of its more than 300 billion dollars in0:58liabilities. Liquidation came in Hong1:00Kong in 2024, delisting in 2025, then1:03the April guilty plea and the August1:05life sentence that closed the personal1:07arc. The punishment lands on two levels,1:10lifelong personal responsibility for the1:12founder and the multi-billion yuan1:14corporate penalty split between the1:16parent and its mainland subsidiary1:18Hengda Real Estate. The court also1:20ordered continued recovery of illegal1:22gains with restitution prioritized where1:24fines fall short. The court found this1:26was not one misstep, [music] but a1:28system between 2016 and 2021, fabricated1:31statements that inflated assets and1:33concealed liabilities described as1:35particularly huge [music] and1:36exceptionally large sums causing severe1:38economic loss and serious social harm.1:40No itemized dollar amount for each count1:42has [music] been made public beyond that1:44severity finding. At the center was1:46buyer money. Presale funds that were1:48supposed to finance construction were1:49diverted elsewhere, [music] leaving1:51towers halted. Wealth management1:53products sold to retail investors, tens1:55of billions of yuan were counted as1:57illegal absorption of public deposits.1:59Related regulatory findings from 20242:02cited revenue overstated by about2:03[music] $78 billion in 2019 and 20202:06alone. The sentence is confirmed,2:08[music]2:09the fine structure is confirmed, and2:10ranks among the largest ever imposed on2:13companies in China. What is not settled2:15is the accounting [music] underneath,2:17the transaction level breakdown for each2:19of the eight counts, the full verified2:20losses to home buyers, banks, and retail2:22[music] investors, and whether Huawei2:24will appeal the first instance judgment.2:26The ruling came from the Shenzhen2:28[music] Intermediate People's Court in2:29Guangdong, the jurisdiction now handling2:31the mainland consequences [music] of a2:33national crisis. Evergrande at its2:35height operated roughly 1,300 projects2:37and sold hundreds of thousands of2:39pre-sold units.2:40>> [music]2:40>> Five years after the 2021 collapse, the2:43physical legacy is still there.2:44Government programs had delivered about2:467.5 [music] million pre-sold homes by2:48the end of 2025, but the World Bank2:50estimates that is only [music] 15 to 40%2:53of the total pre-sold but unfinished2:54stock. Property investment, new starts,2:57completions, and sales keep declining,2:58and prices remain soft or falling in3:00many cities, with flagship developments3:02described as empty cities. [music]3:04Liquidation and bankruptcy for mainland3:06units continues while creditors, banks,3:08wealth management investors,3:09construction workers, and home buyers3:11absorb losses [music] the fines will3:12only partially cover. The August 203:15account first appeared in the PBS3:17NewsHour full episode published that3:18night, and has since been corroborated3:20by international coverage.3:22>> [music]3:22>> But the core question it raises remains3:24open. How much of what was promised gets3:26built at all?3:27Like and follow for more stories that3:29matter.Soma makalaMfuatano wa matukio ya habariHeyDexVideo fupi ↗
