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Evergrande founder Hui Ka Yan, once Asia’s richest man, sentenced to life in prison after property giant’s collapse The founder of China Evergrande Group, the world’s most-indebted property developer, was sentenced to life in prison by a Chinese court on Thursday, five years after the firm’s collapse shook the nation’s economy and financial markets. Hui Ka Yan, once Asia’s richest man, pleaded guilty in April to eight charges, including misuse of funds, fundraising fraud, illegally taking public deposits, illegally extending loans, fraudulently issuing securities and bribery. Evergrande, once China’s premier developer, has defaulted on most of its $300 billion in liabilities, its troubles symbolizing a crisis in the property sector that has long dragged on the world’s second-biggest economy. Altogether, 56 people linked to Evergrande, other than Hui, received sentences on Thursday, state media CCTV reported. The company’s failure to repay billions of dollars in wealth-management products triggered protests that threatened social stability after ordinary investors, many of them on lower incomes, saw their holdings wiped out. https://nypost.com/2026/08/20/business/evergrande-founder-hui-ka-yan-sentenced-to-life-in-prison/?utm_campaign=nypost&utm_medium=social&utm_source=twitter