This rags-to-riches property tycoon has just been sentenced by a Chinese court to life in prison

A Chinese court sentenced Chinese property tycoon Hui Ka Yan to life in prison for financial crimes linked to the collapse of his Evergrande real estate group, once the world’s most heavily indebted developer. The decision marks a milestone in Evergrande’s saga after it defaulted on more than $300 billion in liabilities when Chinese authorities cracked down on excessive borrowing in the real estate industry in 2020. That triggered a crunch among many developers and brought on a downturn in the…