Big news from China: Hui Ka Yan, the founder of real estate giant Evergrande, just got sentenced to life in prison for misusing funds and illegal fundraising.
On top of that, he is losing all his personal assets, pretty much a total wipeout for one of China's most famous business figures.
Evergrande hit with $1.31 billion fine
Evergrande itself was hit with a massive $1.31 billion fine, and its main subsidiary was fined 7 billion yuan.
Five top executives are also heading to jail for up to 18 years.
This wraps up Evergrande's dramatic fall since its $300 billion debt crisis started back in 2021, leaving its domestic and foreign creditors unlikely to bring much solace as China's property market struggles on.