Evergrande Founder Sentenced to Life for Fraud
Evergrande Founder Sentenced to Life for Fraud
The News
Hui Ka Yan, the founder of Chinese property giant Evergrande, was sentenced to life in prison Thursday for large-scale fraud.
The sentence was handed down by the Shenzhen Intermediate People's Court, according to Chinese state broadcaster CCTV, which Reuters cited in reporting the ruling.
Evergrande was the world's most heavily indebted real estate developer, carrying more than $300 billion in liabilities before it was ordered to liquidate.
Timeline
Before its collapse, Evergrande stood as the most heavily indebted property developer on earth, with liabilities topping $300 billion.
The company was subsequently ordered to liquidate.
The Shenzhen Intermediate People's Court sentences Hui Ka Yan to life in prison for large-scale fraud, CCTV reports.
Reactions
Word of the sentence came through CCTV, the Chinese state broadcaster, and was picked up by Reuters, The Independent and The Boston Globe.
None of those reports carried a comment from Hui or from lawyers acting for him.
What's Next
The reports do not say whether Hui intends to appeal the sentence.
Evergrande's liquidation, ordered before the sentencing, continues to work through more than $300 billion in liabilities.
More
Evergrande's size is what made it a global story: a single developer with over $300 billion owed, unwound by court order, in the world's second-largest economy. The man who built it is now serving life for fraud.
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