Evergrande: the founder of the Chinese property giant has been sentenced to life imprisonment
According to the court’s findings, as reported by CCTV, between 2016 and 2021 Evergrande, Evergrande Real Estate and Xu allegedly inflated their assets and concealed their liabilities through “ongoing, large-scale financial fraud”
The founder of the Chinese property giant Evergrande, Xu Jiayin (also known as Hui Ka Yan), has been sentenced to life imprisonment by a Chinese court for a series of financial offences.
This was reported by China Central Television (CCTV), which stated that the Evergrande Group had been fined 8.82 billion yuan (approximately 1.3 billion dollars), whilst Evergrande Real Estate will have to pay a fine of 7 billion yuan. In total, this amounts to approximately 2.35 billion dollars.
The Shenzhen Intermediate People’s Court also convicted Xu of several offences, sentencing him to life imprisonment, the lifelong deprivation of his political rights and the confiscation of all his personal assets.
According to the court’s findings, as reported by CCTV, between 2016 and 2021 Evergrande, Evergrande Real Estate and Xu allegedly inflated their assets and concealed their liabilities through “ongoing, large-scale financial fraud”.
The alleged offences include the unlawful taking of deposits, fraud in connection with the raising of funds, the fraudulent issue of securities and the unauthorised disclosure of material information.
