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France 24

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FRANCE 24

Founder of Chinese real estate giant Evergrande Xu Jiayin sentenced to life

China Prison Evergrande Group China Evergrande Group Economy

Evergrande's Xu Jiayin was once one of China's richest billionaires and a member of a top political advisory body — Evergrande's Xu Jiayin was once one of China's richest billionaires and a member of a top political advisory body. © File photo, AFP

The founder of China Evergrande Group, the world's most-indebted property developer, was sentenced to life in prison by a Chinese court on Thursday, five years after the firm's collapse shook the nation's economy and financial markets.

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.

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