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's disgraced property giant Evergrande and its founder, Xu Jiayin, were sentenced on Thursday. The court fined the group more than US$2 billion and sentenced Xu to life in prison for crimes including "large-scale financial fraud." The verdict marks a dramatic fall from grace for Xu, once one of China's richest billionaires and a member of the Communist Party's top political advisory body.
Evergrande's actions "seriously disrupted the socialist market economic order... and undermined the integrity of official conduct by state personnel," the court added.
Written by urgent.news from Hong Kong Free Press - China's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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