Founder of China’s Evergrande Group Hui Ka-yan pleads guilty in fraud trial

China-evergrande-group" class="entity-link entity-organization" data-entity-id="116136" data-entity-type="organization">China Evergrande Group’s founder and former chairman Hui Ka-yan pleaded guilty to charges including embezzlement of corporate assets and corporate bribery, according to a statement issued by the Shenzhen Intermediate People’s Court.The trial was held on Monday and Tuesday, and the court said it would issue its judgment at a later date.The charges against Hui and Evergrande also included illegally absorbing public deposits, fundraising fraud, illegal loan issuance, fraudulent issuance of securities and unlawful disclosure of material information.The trial marks a milestone in the saga of Evergrande’s downfall – from the apex of China’s property market to the world’s most indebted property developer. The company’s struggles made it a poster child for the sector, which once accounted for roughly a quarter of the economy but has been in a prolonged downturn since late 2020, with falling home prices weighing on household wealth.Analysts said a great deal of additional information was expected to emerge in subsequent proceedings.The trial was not expected to make a difference to the market’s recovery, however.