Evergrande founder Hui Ka Yan has been sentenced to life in prison by a Shenzhen court after pleading guilty to offenses including fraud, asset inflation and bribery. The court also ordered the confiscation of all his personal assets. Once Asia's richest man, Hui led Evergrande’s rapid expansion, fueled by massive borrowing during China's property boom. The developer collapsed in 2021 under debts of about €255 billion ($298 billion), leaving more than 1.5 million homebuyers facing unfinished projects. The verdict underscores China's ongoing property market crisis.