, 2026, Shenzhen Intermediate People's Court of Guangdong Province made a public judgment on the first instance of the case of the defendant unit Hengda Group Co., Ltd. (Hereinafter referred to as Hengda Group), the defendant unit Hengda Real Estate Group Co., Ltd. (Hereinafter referred to as Hengda Real Estate) and the defendant Xu Jiayin. Hengda Group was sentenced to a fine of RMB 8.82 billion yuan for several crimes; Hengda Real Estate was sentenced to a fine of RMB 7 billion yuan; Xu Jiayin was sentenced to life imprisonment for several crimes, deprived of political rights for life, and confiscated all personal property; the illegal income was continued to be recovered, and the insufficient part was ordered to be returned. After trial,
the court found that the defendant Xu Jiayin was the actual controller of the defendant's unit Hengda Group, who was fully responsible for the operation of the group, managed and controlled the defendant's unit Hengda Real Estate, Hengda Wealth, Hengda Nanchang and other enterprises, and invested in real estate, property, finance and other fields. From 2016 to 2021, Hengda Group, Hengda Real Estate and Xu Jiayin violated national laws and regulations, falsely increased assets and concealed liabilities by means of sustained and large-scale financial fraud, and committed criminal acts such as illegal absorption of public deposits, fund-raising fraud, fraudulent issuance of securities and illegal disclosure of important information; Hengda Group and Xu Jiayin obtained the control of financial institutions through bribery and other means, illegally obtained credit funds and insurance funds for the use of Hengda Group, and committed criminal acts such as unit bribery, illegal loan issuance and illegal use of funds. Xu Jiayin also took advantage of his position as chairman of Evergrande Real Estate to organize financial fraud and embezzle company property in the name of dividends.
The court held that the acts of the defendant unit Evergrande Group and the defendant Xu Jiayin constituted the crime of illegally absorbing public deposits, the crime of fund-raising fraud, the crime of illegally granting loans, the crime of issuing securities fraudulently, the crime of disclosing important information in violation of regulations, and the crime of unit bribery; Xu Jiayin's acts also constituted the crime of illegally using funds and the crime of duty embezzlement; The act of Hengda Real Estate, the defendant unit, has constituted the crime of fraudulent issuance of securities. Hengda Group and Xu Jiayin should be punished for several crimes according to law. The criminal acts of Hengda Group, Hengda Real Estate and Xu Jiayin seriously undermine the order of the socialist market economy, infringe upon the rights and interests of public and private property, and infringe upon the integrity of state functionaries. The amount of the crime is particularly huge, the circumstances are particularly bad, the economic losses are particularly serious, and the social harm is particularly serious, so they should be severely punished according to law. The court makes the above judgment according to the facts, nature, circumstances and degree of harm to society of the defendant's unit and the defendant. According to the law and judicial interpretation, compensation for losses takes precedence over the execution of fines and confiscation of property.
On the same day, the Intermediate People's Court of Shenzhen and the People's Court of Nanshan District of Shenzhen also publicly sentenced 56 people, including Zhan Litao, Ke Peng, Xu Tenghe, Xu Zhijian, Du Liang and Liang Dong, to prison terms ranging from 18 years to 10 years. In addition, a fine or confiscation of property shall be imposed, and the illegal gains shall continue to be recovered, and the insufficient part shall be ordered to be returned and compensated.
Some deputies to the National People's Congress, members of the Chinese People's Political Consultative Conference, relatives of defendant, and representatives of participants in fund-raising attended the sentencing.
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