Trending Now - Evergrande's Hui Ka Yan Admits Guilt in Fraud and Bribery Case

WHO:

ABC News - Hui Ka Yan, also known as Xu Jiayin, is the founder of China Evergrande.

ABC News - The Shenzhen Intermediate People’s Court is involved in the case.

ABC News - Representatives of those involved in past fundraising and members of the National People’s Congress attended the court.

WHAT:

ABC News - Hui Ka Yan pleaded guilty to charges including illegal absorption of public deposits, fraud, and corporate bribery.

ABC News - Hui was also accused of illegal lending, illegal use of funds, and disclosure of material information in violation of rules.

ABC News - China Evergrande was the world’s most heavily indebted real estate developer with more than $300 billion in liabilities.

WHERE:

ABC News - The trial took place in Shenzhen, China.

ABC News - China Evergrande had over 90% of its assets on the Chinese mainland.

WHEN:

ABC News - Hui was detained in September 2023.

ABC News - The trial occurred between Monday, April 11th, 2026, and Tuesday, April 12th, 2026.

ABC News - A Hong Kong court handed down a liquidation order for Evergrande in 2024.

ABC News - Shares in China Evergrande were removed from the Hong Kong Stock Exchange in 2025.

WHY:

ABC News - The crackdown on excessive borrowing in the property industry by Chinese regulators in 2020 led to defaults by numerous developers, including Evergrande.

HOW:

ABC News - The court statement was released via WeChat.

(UPDATED April 14, 2026 09:22 UTC)

Hui Ka Yan, the founder of China Evergrande, pleaded guilty to multiple charges including illegal absorption of public deposits and corporate bribery during a trial that took place in Shenzhen from on Saturday to on Sunday. The Shenzhen Intermediate People’s Court was involved, with representatives from past fundraising efforts and the National People’s Congress in attendance, as Evergrande faces over $300 billion in liabilities, making it the world's most heavily indebted real estate developer. Hui was detained in September 20th23, and the trial follows a crackdown by Chinese regulators on excessive borrowing in the property industry that began in 2020.