Chinese court sentences Evergrande founder to life in prison

A court in China has sentenced Hui Ka Yan, the founder of property developer Evergrande, to life in prison. The ruling is being seen as a major milestone in the long-running saga surrounding the company's collapse.

Evergrande was once among China's largest real estate developers before its downfall, which left the company with liabilities exceeding $300 billion. The firm's troubles became one of the most prominent symbols of the broader crisis that has gripped China's property sector in recent years.

The sentencing of the company's founder represents a notable development in a case that has drawn considerable international attention, both because of the sheer scale of Evergrande's debt and its wider implications for China's economy and financial system.