00:00The founder of Chinese property giant Evergreen, Hui Kanyan, has been sentenced to life in prison for large-scale financial
00:07fraud.
00:08A court in the southern city of Shenzhen also fined Evergreen and its property unit a combined $2.35 billion.
00:16Hui, once reported to be China's richest man, was convicted of inflating Evergreen's assets and concealing its liabilities.
00:25Evergreen collapsed under more than $300 billion in liabilities after Benjean moved to curb excessive borrowing in the property sector
00:36in 2020.
00:37Hui's two sons, along with senior Evergreen executives and others linked to the group, were also sentenced on charges including
00:45fundraising fraud and the illegal use of funds.
00:49More than 50 people received prison sentences ranging from 22 months to 18 years.
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