Founder of collapsed Chinese property giant Evergrande sentenced to life in prison

Hui Ka Yan, the founder of Evergrande, has been sentenced to life in prison for multiple charges including embezzlement and corporate bribery. His personal assets were confiscated, and his companies were fined 15.82 billion yuan for falsifying records and concealing debt. This verdict impacts the ongoing fallout from Evergrande's collapse, which has significantly affected China's property market and economy.

The court stated Hui and his businesses "seriously disrupted" the market. Other executives, including Hui's sons, also received prison sentences. Once Asia's richest man, Hui's wealth has drastically diminished as Evergrande faced a debt crisis that began in 2020.