Hui Ka-yan, founder of the Evergrande Group, admitted guilt to charges of embezzlement and corporate bribery during a public trial in Shenzhen, China. The court will issue its final judgment at a later date.

As part of a public trial held by the Shenzhen Intermediate People’s Court, China Evergrande Group founder and former chairman Hui Ka-yan admitted guilt and expressed remorse over a set of charges including embezzlement of corporate assets and corporate bribery, according to a statement issued by the court. The trial was held on Monday and Tuesday, and the court will issue its judgement at a later date. More to follow ...