This rags-to-riches property tycoon has just been sentenced by a Chinese court to life in prison

Hui Ka Yan, the founder of Evergrande, has been convicted of large-scale financial fraud.

In this handout photo released by Xinhua News Agency, Hui Ka Yan, also known as Xu Jiayin, founder of property developer Evergrande stands trial at the Shenzhen Intermediate People’s Court in Shenzhen, south China’s Guangdong Province, Thursday, Aug. 20, 2026. [Photo: Shenzhen Intermediate People’s Court/Xinhua via AP]

A Chinese court sentenced Chinese property tycoon Hui Ka Yan to life in prison for financial crimes linked to the collapse of his Evergrande real estate group, once the world’s most heavily indebted developer.The decision marks a milestone in Evergrande’s saga after it defaulted on more than $300 billion in liabilities when Chinese authorities cracked down on excessive borrowing in the real estate industry in 2020. That triggered a crunch among many developers and brought on a downturn in the property market that has weighed on the broader economy ever since.The Shenzhen Intermediate........

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