From a child who grew up in poverty to one of the richest people in the world and, eventually, a life-saver. Xu Jiayin saw Evergrande's empire collapse and he was convicted of a series of economic crimes.
THE Xu Jiayin, once the Her richest man China and its founder Evergrande, sentenced to life imprisonment by court in Séjène, as he was found guilty of a series financial crimes, including fraud, bribe and misappropriation.
THE 67 year old, also known as Hui Ka Yan, was under house arrest by the 2023 While in prison, the Chinese authorities confiscated his personal property and they forced him to return what he had. obtained illegally.
THE Xu born in 1958 to poor family in Henan Province. His mother died when he was just one year And since he was a kid, he'd dream of leaving the country, finding a job and... improve His life. After his studies in metallurgy and his work in steel mill, moved in 1992 to Shenjén and four years later, in 1996, founded the Evergrande, which evolved into one of the China’s largest real estate groups.
Evergrande's rise and collapse
The company developed with impressive paces, financing its expansion with large loan. In 2009 it was introduced to Exchange The Hong Kong, and then expanded to many different branches, from football and electric cars to theme parks and bottled water. In 2017, Xu's personal property reached $42.5 billion.
However, the picture changed when the Chinese Government began to restrict excessive borrowing the construction groups. Evergrande He collapsed. in a payment default scheme in 2021, having liabilities of around $330 billion, and became the most characteristic symbol of the crisis in Chinese real estate market.
According to the court, Xu and the company violated legislation from 2016 up to 2021, through systematic economics falsifications. He was accused of using his position to organize financial fraud and privateised assets of the company, and reportedly also secured control of financial institutions through bribes and channeled illegal funds from loans and insurance activities.
The court found that the offences caused particularly serious financial losses and significant social damage, by imposing on the once powerful tycoon stricter possible penalty.
