China Evergrande founder Hui Ka-yan sentenced to life in prison

A court in Shenzhen has sentenced China Evergrande Group founder and former chairman Hui Ka-yan, also known as Xu Jiayin, to life imprisonment for “multiple combined crimes”. Evergrande was China’s biggest real estate developer, at one point valued at about US$50 billion. His business empire ultimately collapsed in 2021, triggering a US$300 billion debt crisis that shook China’s housing market to its foundations.