Evergrande

The court in Guangzhou accepted the request of the local commercial bank to initiate bankruptcy and liquidation proceedings against the real estate arm of the Evergrande Group. The dramatic decision comes just one day after the company's founder was sentenced to life imprisonment.

The founder of the Chinese real estate giant Evergrande, Hui Ka Yan, has been sentenced to life in prison for fraud and bribery. The court also ordered the confiscation of his assets and imposed multi-billion yuan fines on the company.