Xu Jiayin, founder of China Evergrande Group, received a life sentence on August 20, 2026, from the Shenzhen Intermediate People's Court for financial fraud between 2016 and 2021. The court also confiscated his personal property, revoked his political rights for life, and imposed 15.82 billion yuan in fines on the company and its real estate arm. Evergrande defaulted in 2021 after years of high leverage that left millions of homebuyers affected.