Evergrande founder sentenced to life in prison

The founder of Chinese property giant Evergrande, Xu Jiayin, has been sentenced to life in prison by a Chinese court for multiple financial crimes.

According to China Central Television (CCTV), Evergrande Group was fined 8.82 billion yuan (about $1.3 billion), while Evergrande Real Estate was ordered to pay a fine of 7 billion yuan. The combined fines amount to around $2.3 billion, CE Report quotes ANSA.

The Shenzhen Intermediate People's Court also sentenced Xu to life imprisonment, stripped him of his political rights for life and ordered the confiscation of all his personal assets.

Xu, also known as Hui Ka Yan, was convicted of multiple offences, including large-scale financial fraud, embezzlement and bribery. The court found that Evergrande and Xu had manipulated financial data to inflate assets and conceal liabilities.

The verdict comes nearly five years after Evergrande defaulted on more than $300 billion in liabilities, triggering a deep crisis in China's property sector.

Photo: Wikipedia