Hui, once one of Asia’s richest men, was convicted on eight charges, including misappropriating funds, fundraising fraud, illegally accepting money from the public and bribery. He pleaded guilty to the charges in April 2026.
The Shenzhen court also ordered the confiscation of all of Hui’s assets. Evergrande was once one of China’s largest property developers but collapsed into bankruptcy in 2023, triggering major financial losses and sending shockwaves through China’s economy and financial markets.
Chinese authorities detained Hui after the company’s bankruptcy. The court also sentenced five senior Evergrande executives to between six and 18 years in prison and imposed fines on them.
In total, 56 people linked to the company were handed prison sentences or other penalties in connection with the case. In its ruling, the court said the actions of Evergrande and its founder had caused serious financial losses and significant harm to society.
Hui’s downfall marks a dramatic reversal for a businessman who once ranked among Asia’s wealthiest individuals. His property empire expanded rapidly during China’s real estate boom, but Evergrande later became one of the most prominent symbols of the country’s property-sector crisis.
The company’s collapse left large debts and contributed to wider concerns about financial stability in China’s heavily indebted property market.
