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Tycoon at the heart of China’s property crisis jailed for life

By CNN

Hong Kong (CNN) — The founder of embattled Chinese property behemoth Evergrande was sentenced to life in prison on Thursday, according to state media.

Evergrande Group was once China’s largest real estate developer, but it has been hobbled by debt since 2021, with $300 billion in liabilities. Its crisis – like those of other property giants – has been at the heart of a wider Chinese real estate shock, a long-term drag the world’s second-largest economy.

As well as the life sentence, its once billionaire founder Hui Ka Yan was ordered to forfeit all his personal assets, Xinhua reported, citing a verdict handed down by a court in the southern metropolis of Shenzhen. He was also stripped of all political rights for life.

Evergrande Group was fined 8.82 billion yuan ($1.23 billion), and Evergrande Real Estate was fined 7 billion yuan ($1.04 billion), it said.

Hui and Evergrande Group were found guilty of several charges, including financial fraud; inflating assets and concealing liabilities; illegally absorbing public deposits; fundraising fraud; and illegal disclosure of important information.

“The criminal conduct of China Evergrande Group, Evergrande Real Estate, and Hui Ka Yan seriously disrupted the order of the socialist market economy, infringed upon public and private property rights, and undermined the integrity of public officials in the performance of their duties,” said the verdict.

This is a breaking news story and will be updated.

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Russian attack on Kyiv kills at least 12, damages children’s hospital, says city mayor

By CNN
Kyiv (CNN) — At least a dozen people have been killed and more than 30 others wounded in a “massive” Russian attack on Kyiv overnight into Thursday, the city’s mayor Vitali Klitschko said.The strikes damaged a hospital, a school, residential buildings and several warehouses across the city, local authorities said.CNN producers in the Ukrainian capital heard several explosions and saw smoke over the city, as an air raid alert stretched on for hours.Massive fires lit up the night sky over the capital, video by Reuters news agency showed.Russia’s defense ministry said on Telegram it launched a “massive strike using high-precision weapons” against military facilities, a transport and logistics center, and warehouses in the city of Kyiv and the broader region.Ukrainian President Volodymyr Zelensky said “the Russians prepared for a long time and combined various types of projectiles, cruise missiles, and drones to inflict as much damage as possible on civilian infrastructure.”Rescue workers had pulled two people from the rubble and were continuing to deal with the aftermath of the attack, which damaged more than 12 locations across the city, emergency services said. Firefighters were working to extinguish massive blazes.Windows were shattered at a children’s hospital in the Solomianskyi district, Klitschko said.Among those killed was a man in the Brovary district, said Tymur Tkachenko, head of the Kyiv regional military administration.During the attacks on Ukraine, Romania’s defense ministry said a Russian drone had crashed into its territory, landing in an uninhabited area in the county of Tulcea, near the Ukrainian border, Reuters reported. Russian drones have repeatedly breached Romanian airspace throughout the war.Meanwhile, Poland said it had started preventative military aviation operations to protect its airspace during the strikes, Reuters reported.While Moscow has been striking Ukraine near-nightly, Kyiv has also ramped up its offensive, launching more than 800 drones at Russia Sunday in one of its largest aerial attacks of the conflict.Russia’s state-run TASS News said it was the largest Ukrainian drone attack since the beginning of the year – with many of the drones targeting the Moscow area where many of Russia’s elite reside.On Tuesday, Russia’s defense ministry said it intercepted and destroyed 791 Ukrainian drones overnight, in another major assault launched by Kyiv.The-CNN-Wire™ & © 2026 Cable News Network, Inc., a Warner Bros. Discovery Company. All rights reserved.
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