Evergrande founder gets life jail
The People's Court in Shenzhen, China, has sentenced Evergrande founder Hui Ka Yan to life imprisonment on charges of fraud and illegal fund-raising. Evergrande Group was also fined 8.82 billion yuan (approximately $1.31 billion), and Evergrande Real Estate was fined 7 billion yuan (around $1.04 billion). This ruling comes after his April guilty plea in a case considered one of the largest fraud scandals in the real estate sector, as the company's debts exceeded $300 billion before its bankruptcy, leading to a real estate market crisis in China as a result of the government's campaign to combat excessive borrowing.
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