Xu Jiayin Sentenced to Life Imprisonment, Evergrande Group Fined 8.82 Billion Yuan

On the morning of August 20, 2026, the Shenzhen Intermediate People's Court in Guangdong Province publicly announced its first-instance verdict in the case involving Evergrande Group, Evergrande Real Estate Group, and defendant Xu Jiayin. The court imposed a combined penalty on Evergrande Group, fining it 8.82 billion yuan; fined Evergrande Real Estate 7 billion yuan; and sentenced Xu Jiayin to life imprisonment with deprivation of political rights for life and confiscation of all personal property. The court also ordered continued recovery of illegal gains, with shortfalls to be compensated through restitution.

The court found that Xu Jiayin was the actual controller of Evergrande Group. Between 2016 and 2021, Evergrande Group, Evergrande Real Estate, and Xu Jiayin used financial fraud and other means to inflate assets and conceal liabilities, committing crimes including illegal absorption of public deposits, fundraising fraud, fraudulent issuance of securities, and illegal disclosure of material information. They also obtained control of financial institutions through bribery and illegally diverted credit and insurance funds. Xu Jiayin further leveraged his position to organize financial fraud and embezzled company assets under the guise of dividends.

The court held that these actions severely disrupted the market economic order, with particularly large amounts of criminal proceeds and egregious circumstances, warranting severe punishment under the law. On the same day, Shenzhen courts at both levels also announced verdicts in cases involving other Evergrande-related personnel charged with illegal absorption of public deposits and fundraising fraud, sentencing 56 individuals, including Zhen Litao, Ke Peng, Xu Tenghe, and Xu Zhijian, to prison terms ranging from 18 years to one year and ten months, along with fines or confiscation of property.

[ChainCatcher]