Founder of China's Evergrande sentenced to life in prison
Hui's sentencing marks a pivotal moment in the fallout from Evergrande's collapse, which shook China's property sector.
The creator of Evergrande, the real estate behemoth central to China's declining housing market, has received a life sentence and the seizure of all his personal assets.
Hui Ka Yan admitted guilt in April to multiple charges, including asset embezzlement and corporate bribery.
The Shenzhen Intermediate People's Court also imposed a fine of 8.82 billion yuan (£960 million; $1.31 billion) on Evergrande Group, while its real estate division was mandated to pay 7 billion yuan, as reported by state media.
Hui's sentencing signifies a critical juncture in the aftermath of Evergrande's downfall, which sent shockwaves through China's property sector and left both investors and domestic banks struggling.
Hui, also known as Xu Jiayin, emerged from modest origins in rural China, where his grandmother raised him. He later ventured into property development, establishing Evergrande in 1996.
He presided over the company's swift ascent, fueled by an assertive expansion strategy financed by substantial borrowed capital.
The company grew to become China's largest real estate developer, boasting a stock market valuation exceeding $50 billion (£36.7 billion), before its collapse in 2021.
Evergrande's implosion is frequently cited as the catalyst for a wider downturn in China's property market, which continues to exert significant pressure on the economy.