Hui Ka Yan, the founder of China Evergrande Group who was once Asia’s richest man with a peak net worth of $45.3 billion, was sentenced on Thursday to life in prison on multiple charges including bribery, fraud and falsifying financial information, according to the official Xinhua News Agency.

The disgraced entrepreneur, who has come to symbolize the boom-and-bust cycle in China’s property sector, was sentenced in a Shenzhen court. The court also imposed an 8.82 billion yuan ($1.3 billion) fine on the formerly Hong Kong-listed developer, and a separate 7 billion yuan fine on its onshore unit. All of Hui’s personal........

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