Hui Ka Yan, founder of the major Chinese property developer Evergrande, has pleaded guilty and expressed remorse to the court. Evergrande had previously become notorious for defaulting on its numerous financial obligations and liabilities.

China's property developer giant has become its also its most indebted and defaulted on most of its liabilities and payments in 2021. Founder Hui Ka Yan "pleaded guilty and expressed remorse," the court said.