Founder of Chinese real estate developer Evergrande sentenced to life in prison
Hui Ka Yan, the president of the now-collapsed developer, has been serving a prison sentence since Evergrande defaulted almost five years ago.
A Chinese court has sentenced Evergrande founder Hui Ka Yan to life in prison for multiple crimes. The Shenzhen People's Court also fined Evergrande 8.8 billion yuan and its mainland China unit 7 billion yuan. Hui, who was once China's richest person, was found guilty of falsifying financial statements, embezzling funds, and bribing officials. The collapse of Evergrande, which had over $300 billion in debt, has become a symbol of a broader crisis in China's real estate sector.
Written by urgent.news from Expansion ES's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
