The end of the real estate era. Evergrande Group’s former chairman, Xu Jiayin, was sentenced to life imprisonment by the Intermediate People’s Court of Shenzhen, with lifelong deprivation of political rights, and his entire personal assets were confiscated; any illegal gains will continue to be pursued.

According to the investigation allegations, for years Evergrande Group—managed by Xu Jiayin—engaged in financial fraud, fundraising fraud, bribery, and other misconduct. It also used the guise of dividends to continuously extract assets from the company for Xu Jiayin personally.