Chinese court sentenced Evergrande founder Hui Ka-yan to life imprisonment and seized all personal assets for orchestrating massive financial fraud (2016–2021) including accounting manipulations, inflated asset valuations, and illegal fund-raising totaling 560 billion yuan in overreported revenues. The conglomerate and subsidiary Hengda were fined 15.82 billion yuan combined—among the highest corporate criminal penalties in Chinese history. This marks the collapse of once-Asia's richest individual who built Evergrande into the world's most debt-laden property developer (332 billion USD in liabilities by June 2023) before its liquidation in January 2024.