Chinese court sentences Evergrande founder Hui Ka Yan to life in prison

A Chinese court sentenced Hui Ka Yan, founder of property developer China Evergrande Group, to life in prison, the court said.

The court provided the sentence in a statement, according to the court’s announcement.

The decision comes after Evergrande collapsed with more than $300 billion in liabilities, according to reports.

The sentencing marks a significant development in the fallout from the company’s financial crisis, the court said.