Hui Ka Yan, the founder of China's Evergrande real estate group, has been sentenced to life in prison for large-scale fraud, the Shenzhen Intermediate People's Court announced on Thursday. The sentencing comes after the collapse of Evergrande, which was once the world's most heavily indebted real estate developer.
Prior to its liquidation, Evergrande held over $300 billion in liabilities. The court's decision marks a significant development in the fallout from the company's financial crisis, which has had wide-ranging implications for China's real estate sector and the broader economy.