Hui Ka Yan, founder of the troubled Chinese property developer Evergrande, has been sentenced to life in prison, according to state media. A court in Shenzhen also ordered the forfeiture of his personal assets and removed his political rights for life.
Hui and Evergrande Group were convicted on charges including financial fraud, overstating assets, concealing liabilities, illegally taking public deposits, fraudulent fundraising, and unlawful disclosure of important information.
Evergrande Group was fined 8.82 billion yuan, while Evergrande Real Estate received a 7 billion yuan penalty. Once China’s largest developer, Evergrande has struggled since 2021 under liabilities estimated at $300 billion, making it a central part of the country’s prolonged property-sector crisis.
Source: CNN. Content paraphrased.
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