The former billionaire who became a symbol of China’s spectacular property boom and subsequent collapse has been sentenced to life in prison, but the punishment for China Evergrande founder Hui Ka Yan has done little to ease the deepening crisis in the country’s housing market, according to a Reuters report.
Hui was sentenced by a Chinese court last week after being convicted of offences including misuse of funds and bribery. His downfall comes as China’s property sector enters its sixth year of turmoil, weighing on household wealth, domestic consumption and economic growth.
