Finance

Hui Ka Yan, founder of China's collapsed property giant Evergrande, pleaded guilty to fraud and bribery charges during court proceedings in Shenzhen this week, marking a dramatic fall for the man who was once Asia's richest person.

The 67-year-old billionaire admitted to embezzling assets, corporate bribery, and illegally taking public deposits during hearings on April 13-14. The Shenzhen Municipal Intermediate People's Court said it would announce verdicts at a later date without specifying when.

Hui's guilty plea represents the legal reckoning for Evergrande's spectacular collapse, which triggered China's ongoing property crisis in 2021. The company defaulted on most of its $300 billion in liabilities after Beijing introduced debt controls that forced fire sales of properties at steep discounts.