Chinese court jails Evergrande founder for life over fraud, fines group billions
A Chinese court sentenced Evergrande founder Xu Jiayin to life in prison on Thursday, confiscating all his personal property and revoking his political rights for life, according to a Shenzhen Intermediate People’s Court announcement on WeChat.
The court also fined Evergrande Group 8.82 billion yuan (€1.12 billion) and its real estate arm, Evergrande Real Estate, 7 billion yuan (€890 million) for financial crimes including fraud, falsifying records, and concealing debt. Xu, also known as Hui Ka Yan, pleaded guilty in April to eight charges, including embezzlement, fraudulent capital raising, and misuse of public deposits.
Five other senior executives received prison terms ranging from six to 18 years, while 56 additional individuals linked to the company were sentenced to between one year and 10 months and 18 years, state media reported. Xu’s two sons, Xu Zhijian and Xu Tenghe, were among those jailed.
The court found that between 2016 and 2021, Xu and Evergrande engaged in large-scale financial fraud, inflated assets, and concealed liabilities. Prosecutors said the company and its executives used bribery to gain control over financial institutions, securing illegal loans and insurance funds.
Evergrande, once China’s largest property developer, defaulted in 2021 under $300 billion in debt, triggering a sector-wide crisis. A Hong Kong court ordered the liquidation of its listed holding company in January 2024 after failed restructuring attempts. The company’s stock market valuation had shrunk by 99% before its shares were delisted from the Hong Kong exchange in August 2025.
In March 2024, Xu was fined $6.5 million and banned from China’s capital markets for life after the company overstated revenue by $78 billion. The court previously heard that Evergrande diverted pre-sale funds from homebuyers—intended for construction—to new projects, leaving hundreds unfinished.
Xu, who founded Evergrande in 1996, was once ranked Asia’s richest man. The company’s collapse followed Beijing’s 2020 crackdown on excessive borrowing in the property sector, which strained Evergrande’s ability to service its debts. By June 30, 2023, the company reported liabilities of 2.39 trillion yuan (€305 billion).
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Κίνα: Ισόβια κάθειρξη στον ιδρυτή του προβληματικού γίγαντα των ακινήτων Evergrande, πρόστιμο €2 δισ. στον όμιλο
protothema · about 2 hours ago
Un gigant chinez a fost amendat cu două miliarde de euro. Fondatorul companiei a primit închisoare pe viață Justiția chineză l-a condamnat joi la închisoare pe viață pe fondatorul gigantului Evergrande, un simbol al crizei imobiliare care continuă să afecteze economia națională, și a aplicat grupului și diviziei sale imobiliare o amendă totală de aproximativ două miliarde de euro, transmite AFP. Evergrande a fost la un moment principalul dezvoltator imobiliar din China, susținut …
hotnews.ro · about 2 hours ago
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mediapart · about 2 hours ago
Immobilienkrise in China: Lebenslange Haft für Evergrande-Gründer Der Zusammenbruch von Evergrande wurde zum Symbol für Chinas Immobilienkrise. Nun verurteilt ein Gericht Gründer Xu Jiayin zu lebenslanger Haft. Auch sein gesamtes Vermögen wird eingezogen.
tagesspiegel · about 2 hours ago
Zakladateli firmy Evergrande uložil čínský soud doživotí. Společnost musí zaplatit 27 miliard korun Zakladatel developerské společnosti China Evergrande Group Chuej Kcha Jen dostal ve čtvrtek od čínského soudu doživotní trest vězení. Soud zároveň nařídil propadnutí jeho veškerého osobního majetku, informovaly agentury Reuters a AFP s odvoláním na čínská státní média. Samotné společnosti Evergrande soud podle AFP vyměřil pokutu 8,82 miliardy jüanů (27 miliard korun).
irozhlas.cz · about 2 hours ago
Evergrande Founder Sentenced to Life in Prison Hui Ka Yan, once one of Chinas most prominent property tycoons, has been sentenced to life in prison for charges including fraud and financial misconduct.
wsj · about 2 hours ago
Le fondateur dun géant immobilier condamné à la prison à vie pour fraude financière à grande échelle La justice chinoise a condamné jeudi à la prison à vie le fondateur du géant Evergrande, symbole de la crise de limmobilier qui continue à peser sur léconomie nationale, ainsi que le groupe lui-même et sa branche immobilière à environ deux milliards deuros damende. ...
la libre · about 2 hours ago
Kiina | Maailman velkaisimman kiinteistöjätti Evergranden perustaja tuomittiin elinkautiseen Evergranden viisi muuta johtohahmoa saivat sakkoja ja 6–18 vuoden pituisia vankeusrangaistuksia.
helsingin sanomat · about 2 hours ago
Founder of collapsed Chinese property giant Evergrande sentenced to life in prison
news.yahoo.com · about 2 hours ago
Xu Jiayin: Evergrande-Gründer in China zu lebenslanger Haft verurteilt Wegen Veruntreuung und Korruption muss der Gründer des chinesischen Immobilienunternehmens Evergrande, Xu Jiayin, ins Gefängnis. Auch sein Eigentum wurde beschlagnahmt.
die zeit · about 2 hours ago
⚡ NEWSEvergrande Founder Sentenced to Life in PrisonHui Ka Yan, founder of the collapsed Chinese property giant Evergrande, has been sentenced to life in prison. This ruling marks a significant development in the legal fallout from Evergrandes collapse, which severely impacted Chinas real estate sector.📰 #Markets #Geopolitics #GeoWire
mastodon bot · about 3 hours ago
En Chine, le fondateur dEvergrande, géant immobilier tombé en faillite, condamné à la prison à vie Xu Jiayin est, en outre, condamné à plus dun milliard deuros damende. Avec un passif de plus de 300 milliards de dollars, Evergrande avait été contraint à la liquidation et avait été à lorigine de la crise immobilière chinoise.
le monde · about 3 hours ago
Chinas insolventer Immobilienriese Evergrande: Gründer zu lebenslanger Haft verurteilt Der Gründer des insolventen, einst größten Immobilienkonzerns, Xu Jiaxin, war unter anderem Korruption vorgeworfen worden. Evergrande muss eine Milliardenzahlung leisten.
die presse · about 3 hours ago
China: Evergrande-Gründer zu lebenslanger Haft verurteilt
orf.at · about 3 hours ago
China Evergrande founder sentenced to life imprisonment, CCTV reports reut.rs/46aJynZ
bluesky_Reuters · about 4 hours ago
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