From Billionaire to Prisoner: Xu Jiayin Confesses, the 2.4 Trillion Scam Finally Collapses

$RAVE ‌
From April 13 to 14, 2026, the Intermediate People’s Court of Shenzhen held a trial in which Evergrande founder Xu Jiayin pleaded guilty and expressed remorse in court for eight serious offenses, including fundraising fraud, embezzlement of duties, and bribery of units. The bowing of this former China’s richest man marks the official final chapter of Evergrande’s 2.4 trillion debt black hole.

Xu Jiayin’s charges can be described as an “encyclopedia of corporate crimes”—including illegally absorbing public deposits, fundraising fraud, fraudulent issuance of securities, improper disclosure, embezzlement of duties, and more. With multiple charges stacking together, the maximum terms are added up, and a life sentence is almost a foregone conclusion. From starting from scratch in 1996 to topping the richest-man list in 2017, and now confessing from the defendant’s seat, this parabola is the ultimate snapshot of China’s “high-leverage frenzy” real estate model.
$ORDI ‌
Outside the courtroom, tens of millions of homebuyers behind 6 million unfinished units are still waiting for redemption. Fortunately, the Supreme People’s Court has clarified that refund and delivery rights for owner-occupiers take priority over all other claims, and the recovered assets will also be prioritized for ensuring the delivery of homes.
$BIO ‌
Xu Jiayin’s confession is a judgment of one person, but also the end of an era—once the law’s gavel falls, the crazy game of “turning one yuan of principal into ten yuan of leverage” is finally declared over.