Evergrande Founder Sentenced to Life, Company Fined $2.4 Billion

Aug 20, 2026

45 min

Aug 20, 2026 22:30

China jails founder, fines disgraced property giant Evergrande

## Founder Sentenced to Life

Xu Jiayin, the founder of Evergrande, has been sentenced to life imprisonment by a court in Shenzhen, China. The court found him guilty of large-scale financial fraud, embezzlement, and bribery. His political rights have been revoked, and all personal assets confiscated.

## Massive Fine Imposed

Evergrande, once a leading name in China's real estate sector, has been fined 15.82 billion yuan ($2.4 billion). The company defaulted in 2021 after government measures restricted excessive borrowing.

## Impact on China's Economy

The case highlights the challenges facing China's property market, with Evergrande's collapse causing significant economic and social harm. Observers are closely monitoring similar issues with other property giants.

## Additional Sentences

Five senior executives of Evergrande received prison terms ranging from six to 18 years. In total, 56 individuals, including Xu's sons, were sentenced, with the shortest term being one year and 10 months.

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