Evergrande Group Photo: CFP

The Shenzhen Intermediate People's Court held a first-instance public trial in a case involving Evergrande Group, Evergrande Real Estate and Xu Jiayin, former chairman of China's property developer Evergrande Group, from Monday to Tuesday, according to a post on the WeChat account of the court. Xu pleaded guilty and expressed remorse in court, the post said.

The case is prosecuted by the Shenzhen People's Procuratorate involving Evergrande Group on charges including illegal deposit-taking, fundraising fraud, illegal loan issuance, securities fraud, disclosure violations and corporate bribery; Evergrande Real Estate Group for securities fraud; and Xu on multiple charges including illegal deposit-taking, fundraising fraud, illegal loan issuance, misuse of funds, securities fraud, disclosure violations, embezzlement and corporate bribery.

During the trial, the court conducted hearings and arguments focusing on the facts of the charges, with both the prosecution and defense presenting their cases. The defendants made final statements, with Xu pleading guilty and expressing remorse in court. The court said a verdict will be announced at a later date.

Global Times