Friday, August 21
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Topic: corporate-fraud

A former Evergrande Group property development on Guiyuan Road in Shenzhen
New Economy
Friday, 8/21, 01:02 AM

Evergrande's founder gets life in prison as China closes the book on its property bust

  • A court in Shenzhen sentenced Hui Ka Yan, who built China Evergrande into the world's most indebted property developer, to life in prison for financial fraud, and fined the group and its subsidiary a combined $2.3 billion.
  • The verdict assigns blame for a collapse that left more than $300 billion of liabilities, but it does not finish the homes or repay the creditors.

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