Evergrande tycoon at heart of China’s property crisis jailed

Hui Ka Yan, the founder of Evergrande, was sentenced to life imprisonment due to financial misconduct. In addition, the court mandated the confiscation of his assets and imposed fines on Evergrande. Hui admitted guilt regarding charges of fraud and fund misuse. The company had accumulated enormous debts and subsequently defaulted, reflecting a broader crisis within China's property sector.

By TOI WORLD DESK