In a landmark ruling that sent shockwaves through global real‑estate markets, the Guangzhou Intermediate People’s Court sentenced Xu Jiayin, founder of property giant Evergrande, to life imprisonment. The verdict, handed down on August 12, cited charges of large‑scale fraud, embezzlement, and bribery amounting to over ¥150 billion. Prosecutors argued that Xu orchestrated a scheme to misrepresent the company’s financial health, misleading investors and lenders while siphoning funds into personal accounts. The court also ordered the confiscation of all of Xu’s assets, estimated at ¥200 billion, and imposed a fine of ¥50 billion. Evergrande’s remaining assets will be placed under state‑appointed trustees to settle creditor claims.
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