Chinese Evergrande Group founder Xu Jiaying has been sentenced to life imprisonment on charges including fundraising fraud and embezzlement of duties.
According to a report by CCTV, on the morning of the 20th, the Intermediate People’s Court of Shenzhen City, Guangdong Province, publicly sentenced the defendant units Evergrande Group Co., Ltd. (referred to as Evergrande Group), defendant Evergrande Real Estate Group Co., Ltd. (referred to as Evergrande Real Estate), and defendant Xu Jiaying.
Evergrande Group was fined 8.82 billion yuan, Evergrande Real Estate was fined 7 billion yuan, and Xu Jiaying was sentenced to life imprisonment, deprived of political rights for life, and had all personal property confiscated. Illegal gains are to be confiscated, and any shortfall must be compensated.
The court pointed out that Xu Jiaying is the actual controller of Evergrande Group, responsible for the overall operation of the group, managing and controlling various enterprises such as Evergrande Real Estate, Evergrande Wealth, and Evergrande Nanchang in real estate, property, and financial fields. From 2016 to 2021, Evergrande Group, Evergrande Real Estate, and Xu Jiaying engaged in continuous and large-scale financial fraud to inflate assets, conceal debts, and committed crimes such as illegal absorption of public deposits, fundraising fraud, fraudulent issuance of securities, and violations of disclosure of important information. Additionally, Evergrande Group and Xu Jiaying obtained control of financial institutions through bribery, unlawfully misappropriated credit and insurance funds for Evergrande Group’s use, and engaged in crimes such as unit bribery, illegal lending, and illegal use of funds.
Officials also stated that Xu Jiaying, in his capacity as Chairman of Evergrande Real Estate, utilized his position to engage in financial fraud under the guise of dividends to embezzle company assets.
The court determined that the actions of Evergrande Group and Xu Jiaying constitute crimes including illegal absorption of public deposits, fundraising fraud, illegal lending, fraudulent issuance of securities, violations of disclosing important information, and unit bribery. Xu Jiaying’s actions also include illegally using funds, embezzlement of duties, while Evergrande Real Estate’s actions constitute securities issuance fraud. Evergrande Group and Xu Jiaying were convicted of multiple charges.
The state media also reported that on the same day, the Intermediate People’s Court of Shenzhen City and the Nanshan District Court of Shenzhen City also sentenced 56 individuals related to Evergrande Group for crimes such as illegal absorption of public deposits, fundraising fraud, and illegal use of funds to prison terms ranging from 18 years to 1 year and 10 months, along with fines or asset confiscation.
In 2021, Evergrande Group’s debt crisis erupted, and in September 2023, Xu Jiaying was placed under “designated residence surveillance” by the police. A report from the Supreme People’s Procuratorate in March 2025 revealed that 42 individuals related to the Evergrande Group have been prosecuted, with Xu Jiaying’s case handled separately.
In April of this year, the trial of Evergrande Group, Evergrande Real Estate, and Xu Jiaying was held in the Intermediate People’s Court of Shenzhen. Officials accused Xu Jiaying of eight crimes, and he pleaded guilty in court.
Behind Xu Jiaying are allegations of involvement with a group of CCP elites, such as figures from the Jiang faction including the brothers Zeng Qinghong and Zeng Qinghuai, as well as the family of Jia Qinglin, a member of the Central Politburo who was removed from office in April.
On August 23, 2002, the CCP Evergrande Group Party Committee was established as the first non-public enterprise party committee in Guangzhou, with Xu Jiaying serving as the Party Committee Secretary. He attributed his and Evergrande’s success to the CCP. The Evergrande Group Party Committee and its 38 secondary party committees, 1133 party branches, oversee 12,075 party members.
Commentator Du Zheng once stated that according to CCP standards, Xu Jiaying could be considered the most staunchly party-aligned private entrepreneur. He grasped the evil nature of the party and used it to build his corporate empire. Xu Jiaying wanted the company to follow the party, but in the end, he entered the party’s cage.