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HONG KONG: The founder of China’s Evergrande Group, the world’s most-indebted property developer, was sentenced to life in prison by a court on Thursday, five years after the firm’s collapse shook the nation’s economy and financial markets.
Hui Ka Yan, once Asia’s richest man, pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud, illegally taking public deposits, illegally extending loans, fraudulently issuing securities and bribery.
Evergrande, once China’s premier developer, has defaulted on most of its $300 billion in liabilities, its troubles symbolising a crisis in the property sector that has long dragged on the world’s second-biggest economy.
The sentence in the southern city of Shenzhen, which included confiscating all of Hui’s personal property, ends his rags-to-riches story but is unlikely to bring much solace to Evergrande’s domestic and foreign creditors.
