Founder of China Evergrande Group and once one of China’s richest men, Xu Jiayin has been sentenced to life imprisonment by a court in Shenzhen, China.
Xu was convicted of multiple financial crimes, including fundraising fraud, illegal deposit-taking, securities fraud and embezzlement.
The court also imposed a fine of RMB 8.82 billion on China Evergrande Group, while Evergrande Real Estate was fined RMB 7 billion.
In addition, the court ordered the seizure of Xu’s personal assets as part of the judgment.
Xu’s conviction follows continued fallout from the collapse of Evergrande, once one of China’s largest property developers.
