Founder of China’s disgraced property giant jailed for life, as firm fined over US$2 billion
China sentenced the founder of embattled property giant Evergrande to life in prison and fined the group more than US$2 billion on Thursday for offences including fraud, five years after a high-profile default. Evergrande Group was once the face of Chinese real estate, surfing a decades-long property boom as it peddled home-ownership dreams. But its […]
China sentenced the founder of property giant Evergrande, Xu Jiayin, to life in prison and fined the company over US$2 billion on Thursday for fraud and other offenses. Evergrande, once the face of Chinese real estate, defaulted in 2021 after struggling to repay creditors. The court fined the company and its real estate arm a total of 15.82 billion yuan ($2.4 billion) and revoked political rights for life.
Xu pleaded guilty to charges including embezzlement and bribery, and was also sentenced to prison for multiple crimes. The court found that Evergrande's actions "seriously disrupted the socialist market economic order" and caused "particularly serious social harm." Five other senior executives were also sentenced to prison terms ranging from six to 18 years.
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