China Evergrande founder sentenced to life imprisonment, CCTV reports

China Evergrande founder sentenced to life imprisonment, CCTV reports. The development was reported by The Lufkin Daily News.

China Evergrande founder sentenced to life imprisonment: Latest Details

HONG KONG, Aug 20 (Reuters) – The billionaire founder of China Evergrande Group, the world's most-indebted property developer, was sentenced to life in prison on Thursday by a Chinese court, which ordered all his personal property confiscated.

Hui Ka Yan pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud and illegally taking public deposits.

Evergrande, once China's premier developer, has defaulted since 2021 on most of its $300 billion in liabilities, its troubles emblematic of a crisis in the property sector that has long dragged on the world's second-biggest economy.

Hui's sentence ends his rags-to-riches story but is unlikely to bring much solace to Evergrande's domestic and foreign creditors.