The Economic Times

He built Chinas biggest property empire and became Asias richest man. Now Evergrandes Hui Ka Yan is in prison for life, heres why

Evergrande founder Hui Ka Yan, also known as Xu Jiayin, has been sentenced to life in prison in China for embezzlement, bribery and other financial crimes linked to the property giant's collapse. The verdict, which includes an 8.82 billion yuan personal fine and permanent loss of political rights, marks a dramatic end to the career of the businessman who built China's biggest property empire. The case also underscores the deep damage caused by China's property crisis and the collapse of the debt-fuelled growth model that once powered the sector.