The founder of the world’s most-indebted property developer was sentenced to life in prison in China for fraud and bribery – five years after his China Evergrande Group collapsed, roiling the Chinese economy and financial markets.

Hui Ka Yan, 67, was convicted in a court in the southern city of Shenzhen on Thursday and the companies were fined a total of more than $2.3 billion for financial crimes, including inflating the group’s assets and concealing its liabilities that ran more than $300 billion.

“The amount involved is exceptionally large, the circumstances are particularly egregious, and extraordinarily heavy economic losses have been…

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