Xu Jiayin Pleads Guilty as Evergrande Case Goes to Trial

A court in Shenzhen held a public trial from April 13 to 14 in the case against Evergrande Group Co Ltd, Evergrande Real Estate Group Co Ltd and founder Xu Jiayin, who told the court he admitted guilt and expressed remorse in his final statement.

Shenzhen Intermediate People's Court heard charges brought by the Shenzhen People's Procuratorate against Evergrande Group that include illegally absorbing public deposits, fundraising fraud, illegal issuance of loans, fraudulent securities issuance, illegal disclosure of important information and bribery.

Evergrande Real Estate Group was tried on the charge of fraudulent securities issuance, while Xu faced charges including illegally absorbing public deposits, fundraising fraud, illegal issuance of loans, illegal use of funds, fraudulent securities issuance, illegal disclosure of important information, embezzlement and bribery.

The court said it would announce its verdict at a later date.