Evergrande founder Hui Ka Yan sentenced to life in prison
Business
Evergrande's founder, Hui Ka Yan, was sentenced to life in prison for misuse of funds and bribery, marking a huge turning point for China's property sector.
The market is entering its sixth year of turmoil, with home prices stuck in cities like Beijing and Shanghai and millions of unfinished apartments leaving families waiting.
Evergrande default deepened China's housing slump
When Evergrande defaulted on its debts back in 2021, it set off a chain of events. Other big developers like Country Garden and China Vanke were also hit.
Secondhand home prices in smaller inland cities have dropped nearly 25% since 2020.
With the government now focusing more on tech industries, the housing market still has not bounced back, and experts say fixing things could take years.