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Shenzhen Intermediate People’s Court released a notice: Evergrande Group and Xu Jiayin are going on trial for multiple offenses, including illegally absorbing deposits, fundraising fraud, and fraudulent securities issuance, with the case proceeding as a first-instance trial.
Xu Jiayin pleaded guilty and expressed remorse in court; the court will render a judgment at a later date.
Once a real-estate tycoon, now admitting his guilt in court…
Deeply moving and truly regrettable.