A Chinese court sentenced Evergrande founder Xu Jiayin to life in prison on Thursday for financial crimes and fined the property giant more than $2 billion.
Evergrande and its real estate division were ordered to pay a combined 15.82 billion yuan, about $2.4 billion, in penalties.
The former real estate giant has become a symbol of China’s ongoing property crisis after years of rapid expansion and mounting debt. Evergrande eventually filed for bankruptcy in 2021 after struggling to repay its enormous liabilities.
