Source: NBC News
“Chinese property developer Hui Ka Yan, founder of the Evergrande real estate group, has been sentenced to life in prison and the companies fined a total of $2.3 billion, a court in the southern city of Shenzhen said Thursday. The decision marks a milestone in Evergrande’s saga after it collapsed with more than $300 billion in liabilities when Chinese authorities cracked down on excessive borrowing in the real estate industry in 2020. That triggered a crunch among many developers and brought on a downturn in the property market that has weighed on the broader economy ever since. The Shenzhen Intermediate People’s Court convicted Hui, also known as Xu Jiayin, and Evergrande of engaging in large-scale financial fraud in inflating the group’s assets and concealing its liabilities.” (08/20/26)