Xu Jiayin

Xu Jiayin, the founder and chairman of China Evergrande Group, a major property developer at the heart of China's housing market downturn, has been sentenced to life in prison. The Shenzhen Intermediate People's Court found him guilty of large-scale fraud and embezzlement of assets, as well as corporate bribery. In addition to his life sentence, all of Xu Jiayin's personal property has been confiscated. His former companies, Evergrande Group and Evergrande Real Estate, have also been fined substantial amounts, totaling over 15 billion yuan. This sentencing marks a significant development following Evergrande's struggles and its central role in the ongoing crisis within China's real estate sector. Xu Jiayin's conviction and punishment underscore the legal and financial repercussions faced by key figures in the country's property market.