A Chinese court has handed a first-instance ruling against China Evergrande Group founder Xu Jiayin, sentencing him to life imprisonment after finding him guilty across multiple offenses tied to the company’s long-running debt and fraud case. According to China Central Television, the Shenzhen Intermediate People’s Court in Guangdong publicly announced the verdict on Aug. 20, covering Evergrande Group, Evergrande Real Estate and Xu himself. The court said Xu was convicted on charges including fundraising fraud, fraudulent securities issuance and occupational embezzlement. He was sentenced to life in prison, deprived of political rights for life and had all personal assets confiscated. Evergrande Group was fined 8.82 billion yuan, while Evergrande Real Estate was fined 7 billion yuan. Illegal gains will continue to be recovered, and any shortfall must be repaid. The ruling said the companies and Xu engaged in large-scale, ongoing financial fraud from 2016 to 2021 by inflating assets and concealing liabilities. The court also found the case involved bribery, illegal lending and the unlawful use of funds. The decision follows an April 13 hearing in Shenzhen, where Xu pleaded guilty in court. The case marks another major development in the downfall of a property empire that once made Xu China’s richest man in 2017.