China Evergrande founder sentenced to life in prison
The founder of China Evergrande Group, the world's most-indebted property developer, was sentenced to life in prison by a Chinese court on Thursday, five years after the firm's collapse shook the nation's economy and financial markets.
China's Evergrande founder, Hui Ka Yan, has been sentenced to life in prison by a Chinese court. The 67-year-old, once Asia's wealthiest man, pleaded guilty to eight charges, including misuse of funds, fundraising fraud and bribery. Evergrande, the world's most indebted property developer, defaulted on $300 billion in liabilities, causing significant economic losses and social harm.
The court also fined Evergrande $1.31 billion and its main subsidiary $700 million. Additionally, 56 other Evergrande officials received sentences ranging from six to 18 years. The sentence in Shenzhen included confiscating all of Hui's personal property, but it's unlikely to bring relief to the firm's creditors. Hui founded Evergrande in 1996 and rose to become the richest man in Asia before the company's collapse in 2024.
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