The chairman of the world’s most-indebted property developer has pleaded guilty to a litany of charges, including illegal fundraising and bribery, after a two-day trial at a mainland Chinese court, according to state media.
Xu Jiayin, founder of Evergrande Group, was accused of illegally taking public deposits, illegally issuing loans, fraudulently issuing securities, and illegally disclosing material information, among other charges, state media Xinhua reported on April 14.
After the trial held from April 13 to 14, Xu, also known as Hui Ka Yan in Cantonese, “pleaded guilty and expressed remorse” at an intermediate court in Shenzhen, a southern Chinese city bordering Hong Kong, according to Xinhua….
China’s Evergrande Founder Pleads Guilty to Fraud
