China sentences Evergrande founder to life imprisonment

A Chinese court sentenced China Evergrande Group founder Hui Ka Yan to life in prison Thursday, reports Caixin. The move caps the downfall of the tycoon who built the country’s most indebted property empire.

The Shenzhen court convicted Hui of orchestrating massive financial fraud, illegal fundraising and bribery between 2016 and 2021, according to a court statement.

The court fined Evergrande and Hengda Real Estate, two of China Evergrande’s major Chinese mainland subsidiaries, RMB 8.82 billion ($1.3 billion) and RMB 7 billion, respectively. It ordered the confiscation of all Hui’s personal property, though the ruling noted that restitution for victims takes priority over state fines and asset seizures.