00:00The billionaire founder of China Evergrande Group, once the world's most indebted property developer,
00:07was sentenced to life in prison by a Beijing court on Thursday,
00:11which also ordered the confiscation of all his personal assets.
00:15Huiqai Yan, also known as Xu Jiaying, pleaded guilty in April to eight charges,
00:21including misuse of funds, fundraising fraud, and illegally accepting public deposits.
00:27Evergrande, once China's leading property developer, defaulted in 2021 on much of its liabilities,
00:34which totaled about 300 billion yuan, approximately 180 billion ringgit.
00:39Its collapse has become emblematic of the prolonged property crisis
00:43that continues to weigh on the world's second-largest economy.
00:47Hui's sentence marks the dramatic end of his rags-to-riches story,
00:51but is unlikely to offer much relief to Evergrande's domestic and overseas creditors.
00:57The court in Shenzhen also fined Evergrande 8.82 billion yuan and its main subsidiary,
01:03Heungdar Real Estate, 7 billion yuan.
01:06Five other senior executives were sentenced to between 6 and 18 years in prison and fined.
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