China sentenced Evergrande founder to life in prison.
A Chinese court sentenced Hui Ka Yan, the property tycoon and founder of real estate developer Evergrande, to life in prison for financial fraud related to the collapse of the company. Evergrande defaulted on more than $300 billion in debts and collapsed in 2021, setting off China’s property crisis. The 67-year-old Hui, who at one point was believed to be the richest man in China, pleaded guilty to an assortment of financial crimes, including embezzlement and bribery. “The amount involved is exceptionally large, the circumstances are particularly egregious, and extraordinarily heavy economic losses have been caused,” the court said in a statement.
