Hui Ka Yan, the tycoon behind Evergrande’s meteoric rise and catastrophic fall, just got a life sentence and lost everything personally — including his fortune — after admitting to embezzlement and bribery. The court also fined Evergrande a staggering 8.82 billion yuan, with its real estate arm paying another 7 billion. Once a rural kid raised by his grandma who built China’s biggest property empire from scratch in 1996, Hui’s reckless debt-fueled expansion turned Evergrande into a $50 billion behemoth — until its 2021 collapse triggered a nationwide property crisis that still haunts China’s economy. This verdict isn’t just about one man — it’s the legal reckoning for a system that broke.
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