China has sentenced Evergrande founder Xu Jiayin to life imprisonment after finding him guilty of multiple financial crimes linked to the collapse of the property giant.
A court in Shenzhen, Guangdong Province, also fined Evergrande Group and its real estate arm a combined 15.82 billion yuan, equivalent to about $2.4 billion.
Xu, also known as Hui Ka Yan in Cantonese, was convicted of offences including large-scale financial fraud. The court said he and Evergrande had engaged in sustained financial misconduct between 2016 and 2021, allegedly inflating assets and concealing liabilities.
The sentencing marks a dramatic fall for Xu, who once headed one of China’s largest property empires during the country’s long housing boom. Evergrande grew rapidly through heavy borrowing and aggressive expansion before Beijing introduced measures aimed at curbing excessive debt in the property sector.
The company eventually defaulted in 2021 after struggling to meet its financial obligations.
The Shenzhen Intermediate People’s Court said Xu had also gained control of financial institutions through bribery. His sentence includes the revocation of his political rights for life and the confiscation of his personal property.
Five other senior Evergrande executives were also convicted and sentenced to prison terms ranging from six to 18 years for offences including fraud.
The case underscores the wider crisis that has affected China’s property sector and the government’s tougher approach to financial misconduct.
