Hui Ka Yan, the founder of the collapsed Chinese property giant Evergrande, has been sentenced to life in prison for 'heinous' fraud. This sentencing marks a significant step in China's efforts to conclude the saga of the troubled company, which still owes creditors hundreds of billions of dollars.

Xu Jiayin, the founder of China's Evergrande Group, has been sentenced to life in prison after pleading guilty to fraud charges. The company was also fined over US$2 billion.

Xu Jiayin, the billionaire founder of the embattled Chinese property giant Evergrande, has pleaded guilty to fraud charges. This development marks a significant turn for the company, which is the world's most indebted property developer.