@channelnewsasia: China has jailed the founder of property giant Evergrande, Hui Ka Yan, to life in prison and fined the group more than US$2 billion on Thursday (Aug 20). Once the face of China's property boom as it peddled home-ownership dreams, Evergrande defaulted in 2021 after struggling to meet obligations to creditors, suppliers and homeowners. Five other senior executives were sentenced to between six and 18 years in prison, and 56 people, including Hui’s two sons, were given jail sentences. #china #chinanews

kelsanfran :

This is why all the super rich are sending money aboard and leaving China. Because you don’t know when government want you to fall and take everything. It’s communist after all.

k_i_e_r_a_n_ :

Real estate prospecting in China is wild. Evergrande’s failure was largely the result of a debt-fuelled pre-sale model with people taking out mortgages on homes that hadn’t even been built. But equally wild to me is China normalized “grey shell” apartments, where buyers could take possession of essentially a concrete box and pay to finish the interior themselves. And now, China still has hundreds of millions of square metres of unsold housing inventory with billions more under construction... mind boggling.

Pep :

This is how corporate bailouts should be handled: hold executives legally accountable and nationalize the enterprise.

Yuri :

He should have been sentenced to death

無聲 :

应该死刑……😡便宜他了

Puffcurry :

In Malaysia, Najib gets a 50% discount on jailterm and fines. Same offence. Borrowed heavily, defaults payment, creative accounting, money laundering, financial fraud, inflated assets, bribery etc etc.

aren :

He should come malaysia, throw some money and easily walk free.

Epoquesalons :

In USA and EU they'd have given the medal

Frankie Reinares :

that's how is it in a commie nation

YS :

So his hair all turned white too?

ｱﾑズﾑﾉ_のｲﾑズ_ﾚﾑん🇸🇬 :

The richer they are the greedier they become

Constance Smith :

How can he pay if they took everything he owns? Seriously, I’m asking because I don’t understand

Make Love Not War :

Law that never existed in the US

Marcius Tan :

President Xi never hesitate. Truly a leader 👍✨✨

Brandon El Tico :

Not all that glitters is gold

Bunshikk :

Cirno :

67

No hypocrisy :

Ya, you are so right ! China is perfecting her financial system i so nowadays you don't go scot free doing bad thing and you can't pay your way out... and you don't get to spend a penny of your ill-gotten money neither do your next of kin, divorced or disowned whatever way or not !.. why ? it pains you ? 😏😏😏😏😏

Sinobaby :

Hahaha 🤣

Nesta :

6 7

Bluve :

Beautiful

Scarf Ace FAA Drone Pro :

😁America needs this kind of business sense 🥰

Roark :

please take over the philippines please

yuki :

*Xu Jia Yin

user9456249613205 :

Fall from grace !!