China’s Evergrande Founder Pleads Guilty to Fraud

Xu Jiayin, once Asia’s richest person, has been placed under police control since 2023.

Evergrande President Xu Jiayin, also known as Hui Ka Yan in Cantonese, attending a meeting in Wuhan, central Hubei Province, China, on June 5, 2017. STR/AFP via Getty Images

The chairman of the world’s most-indebted property developer has pleaded guilty to a litany of charges, including illegal fundraising and bribery, after a two-day trial at a mainland Chinese court, according to state media.

Xu Jiayin, founder of Evergrande Group, was accused of illegally taking public deposits, illegally issuing loans, fraudulently issuing securities, and illegally disclosing material information, among other charges, state media Xinhua reported on April 14.