Ex-property developer pleads guilty

Xu Jiayin, former chairman of China's property developer Evergrande Group, pleaded guilty to multiple charges and expressed remorse during his trial in Guangdong province, according to a local court statement.

The trial, held from Monday to Tuesday at the Shenzhen Intermediate People's Court, saw Xu face charges including illegal absorption of public deposits, fundraising fraud, unlawful loan issuance, fraudulent securities issuance, violations of information disclosure regulations, embezzlement and corporate bribery.

Shenzhen prosecutors also accused Evergrande Group and Evergrande Real Estate Group of various offenses, including illegal loan issuance and fraudulent securities issuance, according to a statement released by the court on its official WeChat account on Tuesday.

The court said it conducted a thorough examination of the charges, with prosecutors and defendants presenting arguments and final statements. A number of Chinese national lawmakers, political advisers, family members of the defendants and investors attended the trial, the statement said, adding that a verdict will be announced at a later date.

Xu, who founded Evergrande in the 1990s and was once among China's richest property tycoons, was placed under investigation for alleged illegal activities in 2023.

Prior to the trial, several companies owned by Xu's family, along with multiple overseas bank accounts, were seized or frozen.