Founder of China’s Evergrande jailed for life after pleading guilty to fraud

Hui Ka Yan also forfeits all his personal property and the company he set up is given hefty fines Business live – latest updates The founder of Evergrande, one of China’s largest property developers, has been sentenced to life in prison and had all of his personal property confiscated. Hui Ka Yan, 67 and once named by Forbes as China’s richest man, with a net worth of $42.5bn (£31.2bn) in 2017, pleaded guilty in April to eight charges. Continue reading...