Evergrande Founder Sentenced to Life in Prison by Chinese Regime
Sentencing Xu Jiayin, a court in Shenzhen stated that the crimes of China Evergrande Group 'caused particularly serious social harm.'
TL;DR
- Xu Jiayin, founder of China Evergrande Group, sentenced to life in prison.
- Sentence handed down on August 20 in Shenzhen, China.
- Xu pleaded guilty in April to multiple financial crimes.
- Evergrande and its subsidiary Hengda real estate were also fined substantial amounts.