On the morning of August 20, 2026, the Shenzhen Intermediate People's Court of Guangdong Province handed down a public verdict in the first instance in the case of defendant Evergrande Group Co., Ltd., defendant Evergrande Real Estate Group Co., Ltd., and defendant Xu Jiayin. Evergrande Group was punished with a combination of several crimes, with a fine of RMB 8.82 billion; a fine of RMB 7 billion for Evergrande Real Estate; Xu Jiayin was punished with a combination of several crimes, life imprisonment, deprivation of political rights for life, and confiscation of all personal property; continued recovery of illegal proceeds, and ordered to refund the insufficient portion. After trial, the court found that the defendant, Xu Jiayin, was the actual controller of the defendant Evergrande Group and was fully responsible for the group's operating activities, managing and controlling the defendant's Evergrande Real Estate, Evergrande Wealth, Evergrande Nanchang and other enterprises, and invested in real estate, property, finance, etc. From 2016 to 2021, Evergrande Group, Evergrande Real Estate and Xu Jiayin violated national laws and regulations, inflated assets and concealed liabilities by means of continuous and large-scale financial fraud, and carried out criminal acts such as illegal absorption of public deposits, fund-raising fraud, fraudulent issuance of securities, and illegal disclosure of important information; Evergrande Group and Xu Jiayin obtained control from financial institutions through bribery and other means, and illegally withdrew credit funds and insurance funds for use by Evergrande Group, and carried out criminal acts such as bribery, illegal issuance of loans, and illegal use of funds by the unit. Xu Jiayin also used the convenience of his position as the chairman of Evergrande Real Estate to organize financial fraud and usurp the company's assets in the name of dividends. The court found that the actions of the defendant unit Evergrande Group and defendant Xu Jiayin already constituted the crime of illegal absorption of public deposits, the crime of fund-raising fraud, the crime of illegal issuance of securities, the crime of illegal disclosure of important information, and the crime of corporate bribery; Xu Jiayin's actions also constituted the crime of illegal use of funds and misappropriation of office; the actions of the defendant unit Evergrande Real Estate constituted the crime of issuing securities fraudulently. Evergrande Group and Xu Jiayin should be punished together for several crimes according to law. The criminal acts of Evergrande Group, Evergrande Real Estate and Xu Jiayin seriously disrupted the socialist market economy order, infringed on the rights and interests of public and private property, and infringed on the integrity of state workers. The amount of crime was particularly huge, and the circumstances were particularly egregious, causing particularly serious economic losses. The social harm was particularly serious, and should be severely punished according to law. The court handed down the above judgment in accordance with the law based on the defendant unit, the facts, nature, circumstances of the defendant's crime, and the degree of harm to society. According to laws and judicial interpretations, reimbursement of losses takes priority over execution of fines and property forfeiture. On the same day, the Shenzhen Intermediate People's Court and the Shenzhen Nanshan District People's Court also publicly adjudicated cases involving the Evergrande Group involved in the case of illegal absorption of public deposits, fund-raising fraud, and illegal use of funds. According to law, 56 people, including Zhen Litao, Ke Peng, Xu Tenghe, Xu Zhijian, Du Liang, and Liang Dong, were sentenced to fixed-term sentences ranging from 18 years to 1 year and 10 months, as well as fines or confiscation of property; the illegal proceeds continued to be recovered, and the insufficient portion was ordered to be reimbursed.
Zhitongcaijing · 1d ago
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On the morning of August 20, 2026, the Shenzhen Intermediate People's Court of Guangdong Province handed down a public verdict in the first instance in the case of defendant Evergrande Group Co., Ltd., defendant Evergrande Real Estate Group Co., Ltd., and defendant Xu Jiayin. Evergrande Group was punished with a combination of several crimes, with a fine of RMB 8.82 billion; a fine of RMB 7 billion for Evergrande Real Estate; Xu Jiayin was punished with a combination of several crimes, life imprisonment, deprivation of political rights for life, and confiscation of all personal property; continued recovery of illegal proceeds, and ordered to refund the insufficient portion. After trial, the court found that the defendant, Xu Jiayin, was the actual controller of the defendant Evergrande Group and was fully responsible for the group's operating activities, managing and controlling the defendant's Evergrande Real Estate, Evergrande Wealth, Evergrande Nanchang and other enterprises, and invested in real estate, property, finance, etc. From 2016 to 2021, Evergrande Group, Evergrande Real Estate and Xu Jiayin violated national laws and regulations, inflated assets and concealed liabilities by means of continuous and large-scale financial fraud, and carried out criminal acts such as illegal absorption of public deposits, fund-raising fraud, fraudulent issuance of securities, and illegal disclosure of important information; Evergrande Group and Xu Jiayin obtained control from financial institutions through bribery and other means, and illegally withdrew credit funds and insurance funds for use by Evergrande Group, and carried out criminal acts such as bribery, illegal issuance of loans, and illegal use of funds by the unit. Xu Jiayin also used the convenience of his position as the chairman of Evergrande Real Estate to organize financial fraud and usurp the company's assets in the name of dividends. The court found that the actions of the defendant unit Evergrande Group and defendant Xu Jiayin already constituted the crime of illegal absorption of public deposits, the crime of fund-raising fraud, the crime of illegal issuance of securities, the crime of illegal disclosure of important information, and the crime of corporate bribery; Xu Jiayin's actions also constituted the crime of illegal use of funds and misappropriation of office; the actions of the defendant unit Evergrande Real Estate constituted the crime of issuing securities fraudulently. Evergrande Group and Xu Jiayin should be punished together for several crimes according to law. The criminal acts of Evergrande Group, Evergrande Real Estate and Xu Jiayin seriously disrupted the socialist market economy order, infringed on the rights and interests of public and private property, and infringed on the integrity of state workers. The amount of crime was particularly huge, and the circumstances were particularly egregious, causing particularly serious economic losses. The social harm was particularly serious, and should be severely punished according to law. The court handed down the above judgment in accordance with the law based on the defendant unit, the facts, nature, circumstances of the defendant's crime, and the degree of harm to society. According to laws and judicial interpretations, reimbursement of losses takes priority over execution of fines and property forfeiture. On the same day, the Shenzhen Intermediate People's Court and the Shenzhen Nanshan District People's Court also publicly adjudicated cases involving the Evergrande Group involved in the case of illegal absorption of public deposits, fund-raising fraud, and illegal use of funds. According to law, 56 people, including Zhen Litao, Ke Peng, Xu Tenghe, Xu Zhijian, Du Liang, and Liang Dong, were sentenced to fixed-term sentences ranging from 18 years to 1 year and 10 months, as well as fines or confiscation of property; the illegal proceeds continued to be recovered, and the insufficient portion was ordered to be reimbursed.
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