Evergrande Founder Pleads Guilty to Massive Fraud

The founder of China's collapsed property giant Evergrande has pleaded guilty to multiple financial crimes. Hui Ka-yan admitted to charges including embezzlement, bribery, and fraud during a two-day trial this week. A Chinese court in Shenzhen announced the guilty plea. The charges detail a pattern of illegal activity, such as illegally gathering public deposits and fraudulent fundraising. The court will deliver its sentence at a later date. Evergrande's failure in 2021 triggered a major crisis in China's real estate sector. The company's massive debt of over $300 billion left many construction projects unfinished. This stranded homeowners who had paid for apartments in advance. The trial of Hui, once among China's richest people, is a high-profile conclusion to the Evergrande saga. His sentencing is now awaited.