Founder of China’s disgraced property giant jailed for life, as firm fined over US$2 billion
China sentenced the founder of embattled property giant Evergrande to life in prison and fined the group more than US$2 billion on Thursday for offences including fraud, five years after a high-profile default. Evergrande Group was once the face of Chinese real estate, surfing a decades-long property boom as it peddled home-ownership dreams. But its […]
China's embattled property giant Evergrande suffered a decisive legal blow on Thursday, with its founder sentenced to life in prison and the company fined over US$2 billion for a litany of alleged offenses. The Shenzhen Intermediate People's Court in Guangdong province handed down the harsh judgment after finding Xu Jiayin, also known as Hui Ka Yan, guilty of "large-scale financial fraud" and multiple other crimes.
The ruling comes five years after Evergrande's high-profile default and comes after years of declining access to credit as the government cracked down on excessive borrowing and speculation in the real estate sector.
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