At the Chinese Communist Party’s centenary celebrations in 2021, Evergrande founder Hui Ka Yan mingled with powerful figures and smiled broadly, showing no apparent sign of the mounting pressure on China Evergrande Group, the world’s most indebted property developer.

Hui Ka YanChina Evergrandeproperty sectorlife sentence

A Chinese court sentenced Evergrande founder Hui Ka Yan to life in prison, confiscated his personal property and revoked his political rights for life. Hui had pleaded guilty to fraud, corporate bribery and illegally taking public deposits. Evergrande and its main subsidiary were also fined billions of yuan, while five other executives received prison terms and fines.

Hui Ka YanEvergrandeproperty crisisfinancial fraud

Evergrande, the property giant seen as the face of China’s real estate troubles, reached a painful conclusion to its years-long saga on Thursday, as courts ordered fines and prison terms. The rulings raise questions about their implications for China’s economy.

EvergrandeChina economyreal estate crisis

A Shenzhen court has sentenced Evergrande founder Hui Ka Yan to life imprisonment for crimes including fundraising fraud, embezzlement and corporate bribery. His personal assets will be confiscated and illegal gains recovered, while Evergrande Group and Evergrande Real Estate were fined a combined 15.82 billion yuan. Five senior executives were also sentenced.

Hui Ka YanEvergrandeproperty crisiscourt ruling

China sentenced the founder of troubled property developer Evergrande to life in prison on Thursday and fined the group more than $2 billion. The offences included fraud, five years after its high-profile default.

Evergrandeproperty sectorfraud

Hui Ka Yan, founder of China’s Evergrande, has been given a life sentence and had his personal assets confiscated after pleading guilty to charges including embezzlement and corporate bribery. A Shenzhen court also fined Evergrande 8.82bn yuan and its property arm 7bn yuan, marking a key moment in the fallout from the developer’s collapse.

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US consumer prices rose as expected in July. The data could weaken the case for the Federal Reserve to raise interest rates next month.

US inflationFederal Reserveinterest rates

The United States released its consumer price index on the 12th. Prices rose 3.4% last month from the same month a year earlier. Although the increase remains high, the rate of growth was 0.1 percentage point lower than in the previous month. The slowdown may reduce expectations of an early interest-rate hike and could affect exchange rates and stock prices.

United Statesconsumer pricesinflationinterest rates

Annual inflation in the United States fell to 3.4% in July. The slowdown in food costs helped pull overall price growth lower. Housing expenses continued to keep prices somewhat higher, however. Inflation therefore eased without fully losing the upward pressure from housing.

US inflationfood costshousing costs

U.S. existing home sales dropped for the second consecutive month in July. A rebound is expected to remain limited as mortgage rates stay higher and available housing remains tight. Those conditions are likely to restrain any recovery in the market, even if sales begin to stabilize.

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