China real estate giant Xu Jiayin sentenced to life in prison
- China sentenced the founder of embattled property giant Evergrande to life in prison and fined the group more than $2 billion on Thursday for offences including fraud, five years after a high-profile default.
- Evergrande Group was once the face of Chinese real estate, surfing a decades-long property boom as it peddled home-ownership dreams.
- But its access to credit dramatically narrowed when the government introduced curbs on excessive borrowing and speculation.
Confirmed
- China sentenced the founder of embattled property giant Evergrande to life in prison and fined the group more than $2 billion on Thursday for offences including fraud, five years after a high-profile default.
- Evergrande Group was once the face of Chinese real estate, surfing a decades-long property boom as it peddled home-ownership dreams.
- But its access to credit dramatically narrowed when the government introduced curbs on excessive borrowing and speculation.
Sources: France 24