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Chinese court sentences founder of troubled property developer Evergrande to life in prison

HONG KONG (AP) — Chinese property developer Hui Ka Yan, founder of the Evergrande real estate group, has been sentenced to life in prison and the companies were fined a total of more than $2 billion, a court in the southern city of Shenzhen said Thursday. The decision marks a milestone in Evergrande's saga after it collapsed with more than $300 billion in liabilities when Chinese authorities cracked down on excessive borrowing in the real estate industry in 2020. That triggered a crunch many...

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