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China has sentenced Evergrande founder Xu Jiayin to life in prison and fined the troubled property developer and affiliates US$2.4 billion for large-scale financial fraud spanning 2016 to 2021.
Hui Ka Yan, founder of China Evergrande Group, has been sentenced to life imprisonment after pleading guilty to eight charges including fraud and bribery. The conviction underscores the severity of China's property sector crisis.