Hui Ka Yan, the founder of China's property giant Evergrande, has pleaded guilty to charges including embezzlement and bribery. This plea marks a significant development in the fallout from Evergrande’s collapse.

• The company is accused of diverting millions of dollars in pre-sale funds meant for construction to new projects, leaving hundreds of properties unfinished.
• The key figure is Hui Ka Yan, founder and chairman of Evergrande.
• Evergrande, once valued at over $50 billion, collapsed in 2021 due to a debt crisis, affecting investors and banks across China.