Evergrande Boss Sentenced to Life in Prison, Loses Everything

A court in Shenzhen sentenced Evergrande founder Xu Jiayin to life in prison and took all his property after he admitted to stealing money, cheating investors, bribing officials, and collecting savings from people illegally. Xu was once Asia's richest person. He built China's biggest homebuilder before it fell apart in 2021. The punishment is the harshest allowed under Chinese law.