THE founder of a collapsed Chinese property giant has been sentenced to life in prison.The Shenzhen Intermediate People’s Court convicted Hui Ka Yan and the Evergrande real estate group of engaging in large-scale financial fraud in inflating the group’s assets and concealing its liabilities.Evergrande collapsed with more than $300 billion (£222bn) in liabilities when Chinese authorities cracked down on excessive borrowing in the real estate industry in 2020. 

THE founder of a collapsed Chinese property giant has been sentenced to life in prison.

The Shenzhen Intermediate People’s Court convicted Hui Ka Yan and the Evergrande real estate group of engaging in large-scale financial fraud in inflating the group’s assets and concealing its liabilities.

Evergrande collapsed with more than $300 billion (£222bn) in liabilities when Chinese authorities cracked down on excessive borrowing in the real estate industry in 2020.

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