Evergrande, founder Xu Jiayin pleads guilty in court

The founder of the Chinese real estate giant Evergrande pleaded guilty to the accusations of fraud and bribery during the trial. This was announced by the Shenzhen Intermediate People's Court, which is in charge of the court proceedings.

"Xu Jiayin," otherwise known as Hui Ka Yan in Cantonese, "pleaded guilty and expressed remorse in the courtroom," reads the statement from the court based in the southern province of Guangdong, without providing further details.

He had been the symbol of the boom and the collapse of the real estate sector in the country. Starting from humble beginnings, Xu Jiayin transformed Evergrande into a real estate giant to becomethe most indebted construction company in the world. The entrepreneur had been charged with a number of offences, including illegal absorption of public deposits and fraud in fundraising, according to the official Xinhua news agency.

Hui Ka Yan's quick two-day trial came nearly three years after he was placed under police surveillance on charges of criminal activity. The guilty plea marks a crucial chapter in the aftermath of the Evergrande collapse, which left international bond investors and Chinese banks reeling from billions of dollars in losses and raised worrying questions about when the property market will finally be able to return to normal.