The Shenzhen Intermediate People’s Court has held a trial for Evergrande Group, Evergrande Real Estate, and its founder Xu Jiayin. Official charges against Xu Jiayin include involvement in eight crimes, including illegal absorption of public deposits, and Xu Jiayin pleaded guilty in court. The case has sparked heated discussions online, with netizens criticizing Xu Jiayin. However, Xu Jiayin’s involvement with a group of Chinese Communist Party (CCP) dignitaries, including the recently ousted member of the Politburo Ma Xingrui, has also been alleged.
According to CCTV news, the Shenzhen Intermediate People’s Court in Guangdong Province held a public trial on April 13-14 for Evergrande Group’s illegal absorption of public deposits, fraudulent fundraising, illegal lending, fraudulent issuance of securities, irregular disclosure of important information, unit bribery, Evergrande Real Estate Group’s fraudulent issuance of securities, and Xu Jiayin’s involvement in illegal absorption of public deposits, fraudulent fundraising, illegal lending, illegal use of funds, fraudulent issuance of securities, irregular disclosure of important information, embezzlement, and unit bribery.
Reportedly, Xu Jiayin has admitted guilt, and the court will announce the sentencing at a later date.
Xu Jiayin’s rise coincided with the booming real estate market in China, but in recent years, the Chinese economy has experienced a downturn, leading to difficulties in the real estate industry. Evergrande’s debt crisis eventually erupted, resulting in unfinished buildings across the country and causing harm to numerous victims.
Xu Jiayin’s trial has ignited discussions across mainland China:
“Pass the judgment! A harsh one!! The first house I bought with a million after 20 years as a 95s is from Evergrande! Went for Evergrande, ended up with a piece of junk, and house prices have halved in these years.”
“Saw him rise high, saw the building collapse.”
“Tragic! How many families are burdened with heavy debts behind this…”
“Can you give me back the money? I don’t want your house anymore.”
“The end of an era, remember the glorious years of real estate, remember Evergrande’s activities and that happy Hermes man.”
“Thinking of the old days of Evergrande’s football, it’s really sad.”
Lawyer Zhai Chengqun expressed on Weibo, “Eight charges, especially the fraudulent fundraising, with an exceptionally large amount involved, carries a mandatory life sentence. Combined with all eight charges, the high probability is a life sentence.”
It is believed that Xu Jiayin’s business ties reach a large group of individuals, including senior CCP leaders, such as the notorious Jiang faction including the corrupt officials Zeng Qinghong and Jia Qinglin’s family. Xu Jiayin, a member of the National Committee of the Chinese People’s Political Consultative Conference at that time, even needed the approval of the then Politburo Standing Committee member Wang Huning to oversee the entire party celebration event at Tiananmen Square on the Communist Party’s anniversary in 2021.
In 2021, Evergrande Group’s debt crisis erupted, Xu Jiayin was placed under “residential surveillance at a designated location” by the police in September 2023. A report from the Supreme Procuratorate in March 2025 revealed that 42 people within the Evergrande Group were prosecuted, but Xu’s case was handled separately. During this period, several high-ranking officials such as Sun Zhigang, former Party Secretary of Guizhou Province, Li Xiaopeng, former Chairman of the China Everbright Group, Liu Liang, former President of the Bank of China, Tang Yijun, former Governor of Liaoning Province, and Jiang Chaoliang, former Party Secretary of Hubei Province, were arrested in connection with Xu Jiayin’s case, as exposed by the mainland media.
Politburo member Ma Xingrui was recently announced to have fallen from grace. Independent commentator Du Zheng cited sources from the official circles in Guangzhou, claiming that the root of Ma Xingrui’s issue lies in Guangdong. It is said that after Xu Jiayin, the boss of Evergrande, lost his freedom in September 2023, he provided authorities with a long list of high-ranking officials, including Ma Xingrui.
On November 4, 2015, Ma Xingrui, the then Vice Secretary of the Guangdong Provincial Party Committee and Secretary of the Shenzhen Municipal Committee, met with Xu Jiayin, the Chairman of the Board of Directors of Evergrande. It is alleged that with Ma Xingrui’s support, Evergrande secretly moved its headquarters from Guangzhou to Shenzhen within a year. Xu Jiayin reportedly offered many benefits to the influential figure Ma Xingrui.