Chinese court sentences Evergrande founder to life in prison for fraud

A Chinese court sentenced Hui Ka Yan, founder of property giant Evergrande, to life in prison on August 20, 2026. He had pleaded guilty in April to eight charges, including fraud and bribery. The court also ordered the seizure of all his personal assets. Judges found that he had used large-scale fraud to make the company look wealthier than it was and to hide its debts. Evergrande was fined around $1.31 billion, and five other senior executives received prison terms of up to 18 years. Evergrande once had over $300 billion in debt, making it the world's most indebted property company. Hui was previously considered Asia's richest man before the company collapsed in 2021.