Xu Jiayin sentenced to life imprisonment for Evergrande Group fraud

The Shenzhen Intermediate People's Court has sentenced Xu Jiayin, the founder of Evergrande Group, to life imprisonment. Xu was convicted of multiple crimes, including illegal absorption of public deposits, fundraising fraud, unit bribery, fraudulent issuance of securities, and illegal use of funds.

Between 2016 and 2021, Xu and Evergrande engaged in large-scale financial fraud by inflating assets and concealing debts. The court found that the group used bribery to gain control over financial institutions to illegally obtain credit and insurance funds. As part of the sentencing, Xu's political rights have been deprived for life, and all his personal property has been confiscated.

Evergrande Group was fined 8.82 billion yuan, while Evergrande Real Estate Group was fined 7 billion yuan. Additionally, 56 other individuals associated with the company received prison sentences ranging from 18 years to one month and ten days. The court stated that the actions caused extremely significant economic losses and severely disrupted the market economy order. Repayment to victims will take priority over the execution of fines and property confiscation.