Chinese court gives Evergrande founder life sentence
A court in China sentenced the founder of property developer Evergrande to life in prison Thursday roughly five years after the company’s collapse sent shockwaves through China’s economy.
Hui Ka Yan had pleaded guilty in April to charges of large-scale fraud and misuse of funds. His sentence caps a downfall for the former billionaire who was once Asia’s richest man.
The court also fined Evergrande companies the equivalent of more $2.3 billion.
Evergrande was once China’s premier property developer and its collapse left so-called ghost cities of unfinished developments in its wake.
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