Top Chinese property developer gets life in prison for fraud

THE founder of a collapsed Chinese property giant has been sentenced to life in prison. The Shenzhen Intermediate People’s Court convicted Hui Ka Yan and the Evergrande real estate group of engaging in large-scale financial fraud in inflating the group’s assets and concealing its liabilities. Evergrande collapsed with more than $300 billion (£222bn) in liabilities when Chinese authorities cracked down on excessive borrowing in the real estate industry in 2020.