China Evergrande founder sentenced to life in prison

A Shenzhen court sentenced Xu Jiayin, the billionaire founder of the property giant China Evergrande Group, to life imprisonment on August 20, 2026. Along with the prison term, the court imposed a lifetime ban on his civic rights and ordered the confiscation of all his personal assets. Xu, also known as Hui Ka Yan, had pleaded guilty in April to eight charges, including embezzlement, fraudulent fundraising, and misappropriation of public deposits.

In addition to the prison sentence, the court levied heavy financial penalties on the corporate entities. The Evergrande Group was ordered to pay a fine of 8.82 billion yuan (approximately 1.12 billion euros), while its subsidiary, Evergrande Real Estate, was fined 7 billion yuan (approximately 890 million euros). Furthermore, five other high-ranking executives received prison terms ranging from six to 18 years and additional fines.

These legal actions mark a significant development in the collapse of Evergrande, which was once China's largest property developer. The firm's bankruptcy has become a primary symbol of the real estate crisis currently weighing on the Chinese national economy.