Tong Bingxue 仝冰雪(@tongbingxue):Xu Jiayin (许家印), founder of China Evergrande Group and former China’s richest man, was sentenced to life in prison by a Shenzhen court today. He was convicted of fundraising fraud, illegal deposit-taking, securities fraud and embezzlement. Evergrande Group was fined RMB 8.82 billion; Evergrande Real Estate RMB 7 billion. All his personal assets are seized.

Tong Bingxue 仝冰雪

@tongbingxue

Visuals of Greater China. Curated by Tong Bingxue仝冰雪, Collector & Historian, Author: History of Photo Studios in China, A Life in Portraits. DM open.

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Tong Bingxue 仝冰雪@tongbingxue

2026.08.20 04:13

Xu Jiayin (许家印), founder of China Evergrande Group and former China’s richest man, was sentenced to life in prison by a Shenzhen court today. He was convicted of fundraising fraud, illegal deposit-taking, securities fraud and embezzlement. Evergrande Group was fined RMB 8.82 billion; Evergrande Real Estate RMB 7 billion. All his personal assets are seized.