Hong Kong: 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.Also Read: Hopeful signs in China's property market? Not really, say developersEvergrande, 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.In addition to Hui's sentence, the court in the southern city of Shenzhen said in a statement it had fined Evergrande 8.82 billion yuan ($1.31 billion) and its main subsidiary Hengda Real Estate 7 billion yuan, and sentenced five other senior executives to fines and prison terms ranging from six to 18 years.
China Evergrande founder Hui Ka Yan gets life in prison as property giant’s saga ends
China Evergrande founder Hui Ka Yan received a life sentence for fraud charges. The court also confiscated all of his personal property and assets. Evergrande and its subsidiary Hengda Real Estate faced substantial fines. Five other senior executives received prison terms and fines. This sentencing concludes a significant chapter in China's property sector crisis.
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