China Sentences Evergrande Founder Xu Jiayin to Life in Prison for Financial Crimes
China has sentenced Xu Jiayin, founder of property giant Evergrande, to life in prison after a court in Shenzhen convicted him of financial crimes. Xu, also known as Hui Ka Yan in Cantonese, pleaded guilty in Apr. to eight offenses, including fundraising fraud, misuse of funds, illegal loans, securities fraud and bribery. The court also […]
China has sentenced the founder of property giant Evergrande, Xu Jiayin, to life in prison for financial crimes, including fundraising fraud, misuse of funds, illegal loans, securities fraud, and bribery. The court in Shenzhen also ordered the confiscation of his personal assets and fined Evergrande and its main mainland subsidiary, Hengda Real Estate, a combined 15.82 billion yuan (US$2.35 billion).
This verdict comes nearly five years after Evergrande defaulted on its debt, marking one of the largest failures in China's property sector.
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Also reported by 1 other outlet
- China Sentences Evergrande Founder Hui Ka Yan to Life in Prison chiangraitimes.com
