Hui Kan Yan sentenced to life in prison a day earlier
The Friday bankruptcy ruling came a day after the Thursday sentencing in Shenzhen, and together the two actions advance Chinese authorities’ effort to wind down the Evergrande case, the Associated Press reported from Hong Kong. The AP described the bankruptcy ruling as a step toward ending Evergrande’s property slump, and reported that authorities are moving to finish cleaning up the mess left by the collapse of the real estate empire.
The Guangzhou court’s Friday ruling accepted a bankruptcy liquidation case against Evergrande’s mainland Chinese property development unit — the mainland property arm that, according to industry data, accounted for much of the group’s overall debt.
In Shenzhen on Thursday, a court sentenced China Evergrande’s 67-year-old founder Hui Kan Yan to life in prison for financial crimes. Dozens of others tied to the group, including Hui’s sons, were sentenced to prison terms of up to 18 years the same day, the AP reported.
Evergrande previously defaulted with some $300 billion in liabilities.