Xu Jiayin of Evergrande sentenced to life imprisonment

Xu Jiayin, founder of Evergrande Group, was charged with multiple offences including fundraising fraud and sentenced to life imprisonment. 

The verdict of the first-instance trial was announced at the Shenzhen Intermediate People's Court. The 67-year-old Xu appeared in court to hear the judgment. He was sentenced to life imprisonment, deprived of political rights for life, had all personal property confiscated, and ordered that illegal gains continue to be recovered, with any remaining shortfall subject to compensation orders. 

In addition, Evergrande Group was fined RMB 8.82 billion, and Evergrande Real Estate was fined RMB 7 billion.

The court stated that between 2016 and 2021, Evergrande Group and Xu engaged in persistent, large-scale financial fraud and other means to inflate assets, conceal liabilities, illegally absorb public deposits, and commit fundraising fraud. These actions severely disrupted the socialist market economy order, infringed upon public and private property rights, involved an extraordinarily huge sum of money, featured particularly egregious circumstances, and caused extremely severe harm to society, warranting severe punishment in accordance with the law.