China Evergrande’s billionaire boss pleads guilty to fraud

Hui Ka Yan expresses remorse in trial proceedings after collapse of world’s most indebted property developer

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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.