Evergrande bankruptcy push signals end of China’s property slump as founder is sentenced
China’s Shenzhen court advanced Evergrande’s bankruptcy case in a move seen as narrowing the sprawling crisis, handing founder Xu Jiayin (Hui Ka-yan) a life sentence and ordering confiscation of his assets. Hong Kong-based liquidators are pursuing about $7.7 billion in Evergrande-linked assets and $8.4 billion from PwC over its role in auditing Evergrande’s finances, with authorities previously finding the group overstated revenue by roughly $80 billion in 2019–2020. PwC has faced fines, while creditors are expected to recover only a small fraction of what is owed, suggesting a fading but still costly saga for China’s property sector.
