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Evergrande Founder Pleads Guilty in Court
The man who started Evergrande admitted guilt in a major court case.
Hui Ka Yan, the founder of China Evergrande, pleaded guilty in court on Tuesday.
Officials said the charges included fraud, illegal fundraising, and corporate bribery. Evergrande was once one of China's biggest property companies, but it later became deeply troubled by debt.
The company's collapse hurt home buyers, investors, and the wider property market.
The case is another sign of how serious China's long property crisis has become.