China jails Evergrande founder for life, fines firm over US$2 billion

China has jailed the founder of property giant Evergrande, Hui Ka Yan, to life in prison and fined the group more than US$2 billion on Thursday (Aug 20). Once the face of China's property boom as it peddled home-ownership dreams, Evergrande defaulted in 2021 after struggling to meet obligations to creditors, suppliers and homeowners.

Five other senior executives were sentenced to between six and 18 years in prison, and 56 people, including Hui’s two sons, were given jail sentences. #china #chinanews

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