Evergrande Boss Admits to Crimes

Apr 14, 2026, 08:56

Introduction

Hui Ka Yan started a big company called Evergrande. He told a court in Shenzhen that he committed many financial crimes.

Main Body

Hui Ka Yan admitted he stole money and lied about it. He took money from people who wanted to buy homes. He used that money for other things. Because of this, many houses are not finished. Evergrande owed too much money. The company owed more than $300 billion. The Chinese government stopped the company from borrowing more money in 2020. Then, the company failed. The government fined Hui Ka Yan millions of dollars. He cannot work in the stock market again. In 2017, Hui was the richest man in Asia. Now, his company is gone.

Conclusion

Hui Ka Yan is waiting for the court's final decision. Other people are trying to get money back from him.

Vocabulary Learning

admitted

To say that something is true, especially something bad承認

Example:He admitted that he stole the money.

crime

Something that is against the law罪行

Example:He told the court that he committed a crime.

failed

To not succeed or to stop working失敗/倒閉

Example:The company failed because it had no money.

fined

To make someone pay money as a punishment罰款

Example:The government fined him millions of dollars.

owed

To need to pay money back to someone欠債

Example:The company owed too much money to the bank.