Recently, an update on Qichacha shows that Xu Jiayin has been added as a subject of enforcement, with the enforcement amount being 47 million yuan. The enforcement court is the Beijing Financial Court.
Currently, the total amount for which Xu Jiayin is subject to enforcement exceeds 3 billion yuan, and he is associated with multiple restricted consumption cases.
Furthermore, the Beijing Financial Court has also enforced a compulsory execution against Evergrande Real Estate Group Co., Ltd., with an enforcement amount of approximately 4.175 billion yuan.
In May 2024, the China Securities Regulatory Commission (CSRC) issued an administrative penalty decision regarding Evergrande Real Estate's bond fraud issuance and information disclosure violations case according to the law.
The CSRC ordered Evergrande Real Estate to make corrections, issued a warning, and imposed a fine of 4.175 billion yuan. It also imposed the maximum fine of 47 million yuan on Xu Jiayin, the then chairman and actual controller of Evergrande Real Estate, and banned him from the securities market for life.
The CSRC determined that during the period from 2019 to 2020, Evergrande Real Estate inflated its revenue and profits by recognizing revenue in advance, resulting in fraudulent issuance of bonds publicly offered in the exchange market, and the disclosed relevant annual reports contained false records.
Simultaneously, Evergrande Real Estate also engaged in other behaviors, such as failing to disclose periodic reports on schedule, failing to disclose major litigation and arbitration as required, and failing to disclose its inability to repay due debts as required.
Starting from 9:00 AM on August 25, 2025, China Evergrande Group was forcibly delisted by The Stock Exchange of Hong Kong Limited due to having its trading suspended continuously for 18 months without resumption, marking the end of its capital market journey.
Comments