Evergrande founder Xu Jiayin in court, pleading guilty to corruption as the debt crisis and Evergrande fallout ripple through China’s property sector. Former real estate tycoon, once China’s poster child for growth.
Hui Ka Yan, founder of Evergrande, has pleaded guilty to charges including fundraising fraud and bribery. The court has announced he expressed remorse during his trial in Shenzhen. The case follows Evergrande's collapse with over $300 billion in liabilities, marking a significant development in China's ongoing property sector crisis.