China Evergrande

A Guangzhou court accepted a bankruptcy liquidation case against Evergrande's mainland property development unit after a Shenzhen court sentenced founder Hui Kan Yan to life in prison for financial crimes. Dozens of others tied to the group, including Hui's sons, received prison terms up to 18 years and the court ordered confiscation of Hui's personal assets. Hong Kong liquidators are seeking to recover assets and pursue claims including against PwC, but experts say creditors will likely recover only a small single-digit percentage of the developer's roughly $300 billion liabilities. The liquidation process is expected to be lengthy due to separate Hong Kong and mainland legal frameworks and the scale of Evergrande's assets. » Więcej na finance.yahoo.com

Hui Ka Yan, founder of the once-largest Chinese property group Evergrande, was sentenced to life imprisonment in Shenzhen. He had been out of public view for two and a half years and appeared in court looking markedly aged. The verdict does nothing to change the ongoing property crisis in China. » Więcej na sueddeutsche.de

The founder of Evergrande, Xu Jiayin, was sentenced in Shenzhen to life imprisonment; he was also stripped of all political rights and had his entire personal wealth confiscated. Evergrande was ordered to make a multi‑billion payment. Xu was charged with, among other things, corruption, financial fraud, breach of trust and embezzlement and is said to have shown remorse at trial. The case follows Evergrande's 2021 bankruptcy filing, which highlighted the problems in China's property sector. » Więcej na faz.net