On the morning of August 20, the Shenzhen Intermediate People’s Court delivered a public first-instance judgment in the case involving Evergrande Group, Evergrande Real Estate, and Xu Jiayin.
The verdict is very clear:
Evergrande Group was sentenced for multiple crimes with one consolidated penalty, fined RMB 8.82 billion;
Evergrande Real Estate was fined RMB 7.0 billion;
Xu Jiayin was sentenced for multiple crimes with one consolidated penalty: life imprisonment without parole, deprivation of political rights for life, and confiscation of all his personal property.
All illegal proceeds will continue to be recovered; any shortfall will be ordered to be returned and compensated.
Years turn the hair white, and decades are added to one’s age.
The verdict is very clear:
Evergrande Group was sentenced for multiple crimes with one consolidated penalty, fined RMB 8.82 billion;
Evergrande Real Estate was fined RMB 7.0 billion;
Xu Jiayin was sentenced for multiple crimes with one consolidated penalty: life imprisonment without parole, deprivation of political rights for life, and confiscation of all his personal property.
All illegal proceeds will continue to be recovered; any shortfall will be ordered to be returned and compensated.
Years turn the hair white, and decades are added to one’s age.