NewsMV
Xu Jiayin, the founder of China Evergrande Group and formerly China's wealthiest individual, has received a life sentence.
The ruling is in focus for markets with exposure to the property group and the chain of consequences that follow from it. The verdict is the most severe custodial outcome a court can impose.
Xu had stood at the top of China's private wealth rankings, and the sentence now closes his personal legal situation with no prospect of a fixed release date.
That the person once occupying the pinnacle of Chinese private enterprise ends with a life term is the kind of outcome the tape absorbs slowly.
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