China's Fiscal Revenue and Expenditures Rise in First 11 Months Amid Evergrande Founder Hui Ka Yan Life Sentence
China's government reported increased fiscal revenue and spending for the first 11 months of the year, while its court sentenced Evergrande founder Hui Ka Yan to life in prison and confiscated his assets.
Chinese fiscal revenue and expenditures both showed steady growth during the first 11 months of this year. The economic expansion supported higher government collections and spending plans. Separately, a Chinese court sentenced the founder of Evergrande to life in prison on Thursday. Hui Ka Yan pleaded guilty in April to charges including fraud, corporate bribery, and illegally taking public deposits. His sentence included a lifetime revocation of political rights and the confiscation of all personal property. The court found he violated national laws by engaging in large-scale financial fraud to inflate assets and conceal liabilities while using bribery to control financial institutions. Evergrande defaulted in 2021 on most of its $300 billion in liabilities. The Shenzhen Intermediate People's Court ordered a total fine of $1.31 billion against the group and Hengda Real Estate, along with prison terms for five other senior executives between six and 18 years.
