Gavel Down! Xu Jiayin Sentenced to Life,恒大 Fined 15.82 Billion Yuan, 56 People Including Two Sons Sentenced

On Thursday, February 20th, the Intermediate People's Court of Shenzhen, Guangdong Province, announced the first-instance verdict in a case against Evergrande Group, Evergrande Property, and Xu Jiayin. This trial marks an important milestone as it is the first time China’s high-debt, high-turnover real estate model has been fully examined in a criminal court setting. The court imposed a total fine of 15.82 billion yuan on Evergrande Group and Evergrande Property for multiple crimes, with Xu Jiayin, identified as the actual controller, facing charges related to illegal fundraising from the public, fundraising fraud, and other offenses.