
A Chinese court sentenced Xu Jiayin (Hui Ka Yan), founder of real estate developer Evergrande, to life in prison for financial fraud on August 20. The Shenzhen Intermediate People's Court also ordered the confiscation of all his personal assets and the lifelong removal of his political rights. Evergrande Group and its subsidiary Evergrande Real Estate (Hengda) were fined a combined total of 15.82 billion yuan. Fifty-six other individuals linked to the group, including Xu Jiayin's two sons, received prison sentences of up to 18 years on the same day. The group had defaulted on its debt in 2021 with liabilities exceeding $300 billion.
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