Pakistan, Aug. 20 -- China has sentenced Evergrande founder Hui Ka Yan to life imprisonment over financial crimes linked to the property giant's collapse. A Shenzhen court also imposed a $1.31 billion fine on the former billionaire. Authorities ordered the confiscation of his assets following the verdict. Hui was once among Asia's wealthiest businessmen and built Evergrande into a major property developer.

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Hui pleaded guilty in April 2026 to eight charges, according to the report. The charges included misusing funds, fundraising fraud, illegal collection of public money and bribery. Authorities detained him after Evergrande collapsed under heavy financial pre...