On August 20, Evergrande Group founder Xu Jiayin was sentenced to life in prison in the first trial by the Shenzhen Intermediate People’s Court in Guangdong Province for multiple crimes, including fundraising fraud and embezzlement. The verdict came three years after he was suddenly detained, bringing an end to the downfall of a property tycoon once known for his wealth, fame, and legendary rise. The case has once again drawn widespread attention.
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