China Evergrande founder sentenced to life in prison

China Evergrande Group's founder, Hui Ka Yan, has been sentenced to life in prison by a Chinese court, with all his personal property confiscated. Hui pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud, and illegally taking public deposits. Evergrande, once China's leading property developer, has defaulted on most of its $300 billion in liabilities since 2021, contributing to a crisis in the property sector that has impacted the world's second-largest economy.

The court also imposed a fine of $1.31 billion on Evergrande and another $700 million on its main subsidiary, Hengda Real Estate, while sentencing five other senior executives to various fines and prison terms.

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