Chinese conglomerate Evergrande Group founder Xu Jiayin has been sentenced to life in prison for multiple charges including fundraising fraud and occupation of duties. Photos of Xu Jiayin appearing in court released by Chinese state media show him with white hair, prompting online users to lament his aged appearance, comparing it to years past.
This scene has stirred up emotions among netizens who commented on Xu Jiayin’s transformation:
“Xu Jiayin looks so old now, compared to 2012 when he participated in the National People’s Congress, it’s a stark contrast!”
“His hair and eyebrows are all white, not sure if he used to dye them or is stressed out now. Almost didn’t recognize him.”
“The change in his appearance is significant, power indeed wields a double-edged sword.”
“For the past 30 years, Xu Jiayin lived a luxurious life akin to an emperor. The disparity is too great. Even in prison, he will still receive some extra ‘care’. Money didn’t make him go mad back then, but now regrets haunt him, not because of economic collapse.”
“When he reappears, he is already gray-haired. From the richest man to a prisoner, from glory to life imprisonment. In this game of life, until the very end, no one knows the outcome. The model of Evergrande’s song and dance troupe is indeed worth studying.”
Evergrande Group, listed in Hong Kong, was established in Guangzhou in 1996 during the peak period of the Chinese real estate industry. Evergrande had developed over a thousand real estate projects in more than 280 cities nationwide, employing nearly 200,000 people and was touted as one of the Fortune 500 companies.
Xu Jiayin was born in a poor village in Henan province. After rising from poverty, he often wore an Hermès belt when attending the National People’s Congress. During Evergrande’s rise, Xu Jiayin ventured into selling bottled water, briefly dabbled in pig farming, owned Evergrande professional football team, his own song and dance troupe, and later ventured into the electric vehicle industry.
In less than 30 years, Xu Jiayin managed to build a massive business empire, believed to have been backed by high-ranking officials within the Chinese Communist Party, including former Vice President Zeng Qinghong, the Zeng Qinghuai brothers, and the family of former Chairman of the Chinese People’s Political Consultative Conference, Jia Qinglin. Due to Evergrande’s nationwide presence, Xu Jiayin also built relationships with numerous provincial and ministerial-level officials.
However, in 2021, Evergrande faced a debt crisis, and in September 2023, Xu Jiayin was taken into custody for “residential surveillance at a designated location” by the police, leading to the collapse of the once mighty Evergrande.