The founder of Evergrande, the property giant at the centre of China’s housing market slump, has been sentenced to life in prison and had all of his personal property confiscated.
Hui Ka Yan pleaded guilty in April to several charges, including embezzlement of assets and corporate bribery.
Shenzhen Intermediate People’s Court also fined his former companies a total of 15.82bn yuan (£1.73bn; $2.35bn) over multiple crimes, including falsifying records and concealing debt.
Hui’s sentencing marks a key moment in the fallout from Evergrande’s collapse, which shook China’s property sector and hit investors and domestic banks hard.
Hui and his businesses “seriously disrupted” the Chinese property market, resulting in significant economic losses, the court said.
Other Evergrande executives, including Hui’s two sons Xu Zhijian and Xu Tenghe, were also sentenced to jail terms ranging from 22 months to 18 years, according to state media.
You can’t just put unmarked sarcasm out there on the Internet and expect people to know, this is 100% a real opinion that people have
Yeah… sometimes Hexbear irony escapes containment. The “:very-smart:” Hexbear emoji is the tell, but not everyone is fluent in Hexbearian.