It also fined Evergrande Group 8.82 billion yuan and Evergrande Real Estate Group seven billion yuan.
The court also ordered all personal property belonging to Hui, also known as Xu Jiayin, to be confiscated.
Hui pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud and illegally taking public deposits.
“Evergrande Group was… fined 8.82 billion yuan; Evergrande Real Estate was fined seven billion yuan; Xu Jiayin was sentenced for multiple crimes and fined, received a life sentence, with political rights revoked for life and all his personal property confiscated,” the Shenzhen Intermediate People’s Court in Guangdong said in a post on its WeChat account.
Evergrande, once the country’s premier developer, has defaulted since 2021 on most of its US$300 billion in liabilities, its troubles emblematic of a crisis in the property sector.
Hui’s sentence ends his rags-to-riches story, but is unlikely to bring much solace to Evergrande’s domestic and foreign creditors.
In addition to Hui’s sentence, the court also sentenced five other senior executives to fines and prison terms ranging from six to 18 years. (Agencies)
