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Evergrande Founder Sentenced to Life
The founder of China's Evergrande Group, Hui Ka Yan, has been sentenced to life in prison for embezzlement and corporate bribery, with all personal property confiscated. The court also fined Evergrande 8.82 billion yuan and its real estate unit 7 billion yuan. This ruling follows Evergrande's 2021 collapse, which significantly impacted China's property sector and its economy.
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