China Evergrande’s billionaire boss pleads guilty to fraud

By Reuters · The Guardian World

Hui Ka Yan expresses remorse in trial proceedings after collapse of world’s most indebted property developer Business live – latest updates A former steelworker who rose to become one of China’s richest people has pleaded guilty to charges including fundraising fraud after the collapse of Evergrande , the world’s most indebted property developer. The property group’s founder, Hui Ka Yan, “pleaded guilty and expressed remorse” in trial proceedings at a court in China’s southern city of Shenzhen against him and Evergrande, the court said in a posting on its official WeChat account. He also pleaded guilty to misuse of funds and illegally taking public deposits. Continue reading...