
The sports empire built on Evergrande's fortunes collapses as its founder receives a life sentence for multiple offenses.
China Evergrande Group founder Hui Ka-yan has been sentenced to life imprisonment by a Shenzhen court for multiple offenses, marking the final collapse of his real estate and sports empire.
AI-generated summary
Hui Ka-yan founded Evergrande 30 years ago in Guangzhou and built a massive real estate and sports empire.
The sports empire created by Hui Ka-yan has crumbled, changed hands or struggled to survive alongside the downfall of China Evergrande Group.
On Thursday, the former tycoon and controlling shareholder of Evergrande was sentenced to life imprisonment by the Shenzhen Intermediate People’s Court for multiple offences.
It brought an end to an era for the real estate giant he founded 30 years ago in Guangzhou, sealing a collapse that inevitably engulfed the sports empire built on its fortunes.
Hui ventured into Chinese sports in 2010 by purchasing a match-fixing-demoted football club for 100 million yuan (US$14.9 million), famously promising to win the Chinese Super League (CSL) within three years and the AFC Champions League within five.
Backed by Evergrande’s property empire, his bold claims materialised. The club claimed eight CSL titles, two AFC Champions League titles and competed against European giants Bayern Munich and Barcelona at the Fifa Club World Cup.
Evergrande’s trophies temporarily reignited fan enthusiasm and inspired youth participation in an era when Chinese football’s credibility was at rock bottom.
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