Evergrande founder Xu Jiayin sentenced to life

A Chinese court sentenced Evergrande founder Xu Jiayin, also known as Hui Ka Yan, to life imprisonment, with state media CCTV reporting the ruling and the confiscation of his personal property. The verdict also fined Evergrande Group 8.82 billion yuan and Evergrande Real Estate Group 7 billion yuan. The charges against him included eight offenses such as misuse of funds, fundraising fraud, and illegally taking public deposits, underscoring the severity of the case against the world’s most-indebted property developer. The sentencing marks a definitive end to a long, high-profile crackdown on Evergrande’s financial practices. State media coverage in China confirms the penalties and asset confiscation as part of the judgment. The developments were reported across multiple outlets on August 20, 2026, highlighting the scale of the crackdown.