The Rise and Fall of Evergrande: Xu Jiayin's Journey from Steel Mill to Court

Xu Jiayin, former chairman of Evergrande Group, faced trial for embezzlement and bribery, following the collapse of the property giant. Accused alongside Evergrande of fraudulent fundraising and illegal actions, Xu's actions contributed to a major crisis in China's property market. The Chinese government intervened as the sector plummeted.

Xu Jiayin, the former chairman of Evergrande Group, appeared in court this week, facing charges of corporate asset embezzlement and bribery. As the trial progressed in Shenzhen, Xu, also known as Hui Ka Yan, admitted guilt and showed remorse.

Evergrande's downfall marks a significant crisis in China's property sector, exacerbated by alleged fraudulent fundraising and illegal deposit absorption. Prosecutors levied these charges against both Xu and the company, illustrating the extensive reach of the scandal.

With debts soaring to USD 332 billion by 2023, Evergrande's fall sent shockwaves through China's housing market, prompting periodic government interventions. Xu's trajectory from a village upbringing to heading the world's largest property developer underscores a dramatic story of rise and decline.

(With inputs from agencies.)