Evergrande Founder Sentenced to Life, Company Fined $2 Billion

Aug 20, 2026

57 min

Aug 20, 2026 05:30

China jails Evergrande founder for life, fines firm more than $2 billion

## Life Sentence for Evergrande Founder

Xu Jiayin, the founder of Evergrande, has been sentenced to life imprisonment by a court in southern China. The ruling comes after the property giant defaulted on its debts in 2021, following years of financial mismanagement and fraud.

## Massive Fine Imposed

The court also imposed a fine of 15.82 billion yuan (approximately $2.4 billion) on Evergrande and its real estate subsidiary. This penalty is part of the fallout from the company's inability to meet its financial obligations, which has been attributed to excessive borrowing and speculative practices.

## Charges and Guilty Plea

Xu Jiayin, also known as Hui Ka Yan, faced charges of large-scale financial fraud, embezzlement, and bribery. He pleaded guilty to these charges earlier this year. The court found that between 2016 and 2021, Xu and Evergrande engaged in activities that inflated assets and concealed liabilities.

## Additional Sentences for Executives

Alongside Xu, five other senior executives of Evergrande received prison sentences ranging from six to 18 years. These sentences were handed down for their involvement in fraudulent activities and other crimes related to the company's financial practices.

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