Evergrande Founder Xu Jiayin Sentenced to Life, Fined Over $1.3 Billion in China Fraud Case

PHNOM PENH, August 20, 2026 – A Chinese court has sentenced Xu Jiayin, the former chairman of embattled property giant Evergrande Group, to life in prison after finding him guilty of a series of financial crimes, including fraud and embezzlement.

The Shenzhen Intermediate People's Court convicted Xu and his companies on multiple charges, including illegally absorbing public deposits, fundraising fraud, fraudulent securities issuance, and corporate bribery. Xu was also found guilty of embezzlement and illegally using company funds.

The court said Xu, who controlled the sprawling Evergrande empire with interests in real estate, property management, and finance, had caused exceptionally large economic losses and serious harm to society. It described the crimes as "particularly egregious" and ordered severe punishment.

Xu was also stripped of his political rights for life, and all his personal assets were confiscated. The court further ordered the recovery of his illegal gains and restitution for any remaining shortfall.

Evergrande Group was fined 8.82 billion yuan (about 1.3 billion USD), while its real estate arm was fined 7 billion yuan.

The verdict marks a dramatic downfall for Xu, who once ranked among China's richest individuals and led one of the country's largest property developers before its collapse triggered a prolonged real estate crisis.

— Source: Xinhua

https://www.xinhuanet.com/english/20260820/9f3a2b1c4d5e6f7g8h9i0j1k2l3m4n5o6/

Reported by The Khmer Today