βοΈ Evergrande founder gets life sentence in China
Evergrande founder Hui Ka Yan has been sentenced to life in prison for financial crimes related to the developer's operations. He was tried in the Shenzhen Intermediate People's Court, where his assets were also ordered to be confiscated. The court found that Hui and Evergrande committed financial crimes between 2016 and 2021. Furthermore, Evergrande Group and Evergrande Real Estate Group were fined a total of 15.82 billion yuan. The sentence comes as Evergrande's collapse contributed to China's larger property-sector crisis. π