China’s Property Crisis Intensifies as Evergrande Founder Receives Life Sentence

The founder of China Evergrande, Hui Ka Yan, has been sentenced to life in prison for offenses including misuse of funds and bribery. Despite this, the housing market crisis in China shows no signs of abating, with millions of unfinished homes and stagnant property prices in major cities like Beijing and Shanghai. The sector’s prolonged downturn continues to weigh on household wealth, domestic consumption, and overall economic growth. The impact of the property slump is particularly severe in smaller inland cities, where second-hand home prices have dropped significantly. This decline has led to a decrease in household confidence and a…