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00:04Xu, once China's richest man and a man who built a trillion-dollar business empire,
00:09Jia Yin
00:10Today he suffered the heaviest blow of his life.
00:13Shenzhen Intermediate People's Court of Guangdong Province on China Real Estate
00:18The largest debt crisis in history has been resolved with a first-instance verdict.
00:22Xu Jiayin was sentenced to life imprisonment for multiple crimes.
00:27Lifetime deprivation of political rights and more
00:29The court issued a very severe asset liquidation order.
00:33He announced the confiscation of all his personal property.
00:36This means that Xu Jiayin has painstakingly built up his business for most of his life.
00:40They even attempted to transfer wealth overseas through various means.
00:44Completely vanished before the law
00:47He will spend the rest of his life in prison.
00:49Besides the heavy price Xu Jiayin personally paid...
00:53Evergrande Group and Evergrande Real Estate also face hefty fines.
00:57The total amount reached 15.8 billion RMB
01:00As for the core interest group within Evergrande Group
01:03None were spared.
01:05This includes Zhen Litao, a former senior executive of Evergrande.
01:08Ke Peng and Xu Jiayin's two sons
01:10Xu Tenghe, Xu Zhijian, and 56 others in total
01:13They were convicted of illegally accepting public deposits.
01:16Charges of fundraising fraud and illegal use of funds
01:20They were each sentenced to at least one year and ten months.
01:23Maximum sentence of 18 years imprisonment
01:25They will face fines and confiscation of property.
01:29The court found that...
01:32Between 2016 and 2021
01:34Evergrande and Xu Jiayin were once involved in fundraising fraud.
01:38Fraudulent issuance of securities
01:40Disclosure of information in violation of regulations
01:41Eight charges including corporate bribery
01:44They even bribed financial institutions.
01:46Illegally obtained credit and insurance funds for Evergrande's use
01:50Not only that
01:51Xu Jiayin was also exposed
01:53Taking advantage of the change in the position of chairman of Evergrande Real Estate
01:55Organized financial fraud
01:57Misappropriation of company assets under the guise of profit sharing
02:00Completely crossed the legal red line
02:03This shocked the world
02:05The Evergrande crisis involves a massive debt of over 2.4 trillion yuan.
02:10Essentially, it's a crazy capital gamble.
02:13Evergrande has long relied on
02:15A high-debt, high-leverage, high-turnover model
02:18By borrowing money from banks
02:20Recruiting funds from the public and expanding recklessly by defaulting on loans to suppliers
02:24Until 2020
02:26Chinese regulators have introduced a "three red lines" policy.
02:29Limiting excessive lending
02:30This completely severed Evergrande's cash flow from borrowing salaries to repay old debts.
02:35This seemingly enormous real estate empire
02:37Finally, in 2021, it completely collapsed.
02:40That was actually in the early stages of the explosion.
02:42Chinese regulators once adhered to the principle of ensuring housing deliveries and protecting people's livelihoods.
02:46Evergrande was given the opportunity to restructure.
02:48However, Xu Jiayin secretly plotted something.
02:50Not only did he arrange a technical fake divorce with his wife, Ding Yumei
02:54The attempt was to get him to abscond overseas with a huge sum of money.
02:57Still in 2023 without consent
02:59rashly filing for bankruptcy protection in the United States
03:02This relies on foreign laws to isolate domestic assets.
03:05Prioritizing repayment to overseas creditors
03:08It completely crossed the bottom line of Chinese government regulation.
03:11This led to Xu Jiayin's death in September of the same year.
03:14They were directly subjected to coercive measures.
03:17From the days of spending money like water
03:19China's richest man hosted a single banquet that cost millions.
03:22Now deeply mired in the rain
03:24All assets were frozen and are being pursued for recovery.
03:27Xu Jiayin's extremely extravagant lifestyle details
03:30It was also reorganized and exposed by the media.
03:32According to reports
03:33Xu Jiayin at the peak of his wealth
03:36Owns three large private jets
03:38He was also very particular about food.
03:40They only drink high-end French mineral water.
03:43I only eat greenhouse-grown Japanese melons.
03:46Top-quality imported varieties such as Jingwang Sexiang grapes
03:50One of them is a Japanese King Kong melon that starts at 1,000 RMB.
03:54Furthermore, dedicated personnel are stationed permanently in the local orchards.
03:56Daily screening for air freight back to China
03:58Even the slightest flaw can ruin the whole thing.
04:01And that's not all.
04:02Xu Jiayin also carried for many years
04:04Each person is worth several thousand RMB
04:07Cuban Limited Edition Cigars
04:08Annual cost of cigars alone
04:10It exceeded 7 million RMB
04:12Beyond a luxurious lifestyle
04:14Xu Jiayin also built a team
04:16The Evergrande Dance Troupe, with a size of 200 people
04:18All members were selected using a rigorous standard of one in a thousand.
04:23The new color is composed of graduates from top art schools.
04:27And the expenses of this song and dance troupe
04:29All expenses were borne by Evergrande Group.
04:31They almost never perform for the public.
04:33Specifically for internal high-level gatherings
04:35Private receptions and entertainment
04:37Therefore, he is often jokingly referred to by outsiders as
04:39It is Xu Jiayin's private royal dance troupe
04:42From a poor background, a dung worker and steelworker
04:45Riding the wave of reform and opening up
04:47China's richest man tops the Hurun Rich List
04:50Xu Jiayin once staged an ultimate underdog story in China.
04:54However, extreme greed and capital speculation
04:57Ultimately, this led to his dramatic decline from his peak.
05:00Becoming a prisoner burdened with serious crimes
05:02The sudden collapse of the Evergrande empire
05:04This not only serves as a wake-up call for the entire industry.
05:06This finally brought relief to the countless people who bought Evergrande's unfinished buildings.
05:08Ordinary people and financial products
05:11A legal explanation was delivered.
05:13Subtitle volunteer Li Zongsheng
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