00:01Former Chinese billionaire Hui Ka Yan, who is the founder of China Evergrande Group,
00:07the world's most indebted property developer,
00:10on Tuesday pleaded guilty to fraud charges after two days of court hearing.
00:15The 67-year-old, who once had a net worth of US$45.3 billion in 2017,
00:21made the plea at the Shenzhen Intermediate People's Court.
00:25Reports said the court presided over the investigation and debate between the prosecution and the defense.
00:31They said the accused had made their final statements at the end of the trial pleading guilty to the offense
00:36and expressing remorse for what he did.
00:39The court will announce its verdict and sentencing at a later date.
00:43Those present in court included representatives of the National People's Congress
00:47and the Chinese People's Political Consultative Conference,
00:50relatives of the defendant, and those who participated in the fundraising scheme.
00:54The charges include the misuse of funds, fundraising fraud, and illegally taking public deposits.
01:01The company has defaulted since 2021 on most of its $300 billion in liabilities,
01:08as well as billions of dollars of wealth management product payments,
01:11in troubles emblematic of China's property sector woes that have long dragged on economic growth.
01:21We will continue to be more recently.
01:23We will continue to come back to the end of the investigation.
01:27We will continue to walk with the
01:29determination of the VW family.
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