Evergrande is delisted, and Xu Jiayin’s luxurious circle of friends has been cheated!

The incident of Evergrande has been a big show in the Chinese real estate circle. From the peak to the bottom, how many people have been involved.

Xu Jiayin relied on his fighting spirit to start from the countryside of Henan and build this giant step by step, but who would have thought that debts were piled up and the big guys in his circle of friends also fell into trouble.

Xu Jiayin was born in Taikang County, Zhoukou, Henan Province in 1958. In that place, his mother died early when he was a child, and he could barely live a life with his father in charge of the warehouse. After the college entrance examination resumed, he was admitted to Wuhan Iron and Steel College, studied metal materials, and graduated from Henan Wuyang Iron and Steel Plant, working from the grassroots level to the workshop director.

In 1992, he went south to Shenzhen and joined Zhongda Group as the office director. In 1994, he developed the Zhudao Garden project, earning 200 million yuan for the company. Two years later, he worked alone and founded Evergrande Group.

The first project in 1997, Jinbi Garden, sold out in two hours, earning 80 million yuan. Since then, Evergrande has been running wildly, and its wealth has soared in 2009. When Evergrande was in glory, Xu Jiayin's social circle was so luxurious. Since the 2008 financial crisis, he has relied on his connections to increase funds. Yang Shoucheng introduced Cheng Yu-tung and took the lead in investing more than 500 million US dollars in emergency relief. On the day of listing, Cheng Yu-tung, Liu Luanxiong and Zhang Songqiao all came to the platform. In 2014, Jack Ma invested 1.2 billion to Evergrande Football.

The company's 20th anniversary celebration in 2016, Jack Ma, Ma Huateng and the bosses of Country Garden R&F were all present. In 2020, Evergrande Auto attracted investment, and Jack Ma and Ma Huateng invested in the same frame. Relying on these relationships, Evergrande's sales exceeded 100 billion yuan, entered the Fortune 500, crossed the border with mineral water, finance, new energy, and football properties. Xu Jiayin's wealth peak exceeded 235 billion yuan, and was in the top five in Hurun.

But Evergrande played high leverage, inflated revenue by 564.1 billion yuan and profit by 92 billion yuan from 2019 to 2020. Xu Jiayin was directly responsible for these operations. The China Securities Regulatory Commission found out that he led the fraud and issued 8.2 billion bonds using fake statements. The crisis broke out in 2021, with debts rolling to 2.4 trillion yuan, and the stock price fell from 400 billion yuan to more than 2.1 billion yuan.

The Hong Kong Stock Exchange's rule is that if the listing status is cancelled if it does not resume trading for 18 months. By the end of July 2025, Evergrande had not resumed trading, and the risk of delisting was getting greater and greater.

Friends are in trouble, Liu Luanxiong's wife Chen Kaiyun invested HK$13 billion to buy Evergrande stocks from 2017 through Chinese Real Estate. After the crisis, she sold off and only recovered 2.7 billion, with a loss of more than 10 billion. She also invested 3 billion Evergrande Auto and 4.5 billion Evergrande Property, all of which were wasted and the status of the richest man was shaking. Zhang Jindong invested 20 billion yuan in 2017, and the two drank a glass of wine. Xu Jiayin promised to buy back if he failed to return to A-shares. After the explosion of the

, Suning's capital chain was almost broken due to the stock conversion agreement, and this investment became the key to the overwhelming. Wang Wenyin Zhengwei Group invested 5 billion yuan, and the two golfers cooperated in many places. After the crisis, Wang Wenyin cut off funds, and had a high consumption limit of 470 million yuan in 2024, and owed 50 million yuan in June 2025 to become a dishonest person. Ye Yuanxi Guangtian Group has cooperated since 2007, investing 5 billion strategic investments, Evergrande owed 8.87 billion yuan, Guangtian set aside 6.83 billion yuan of impairment, and the investment returned to zero.

Zhou Xinyiju China owes 4 billion yuan, lost 8.8 billion yuan in 2021, and bad debts of 6.6 billion yuan account for the majority.

When these big guys invested money, they were interested in Xu Jiayin's ambitions and connections. Who knew that this would happen?

Friends in the business world helped me, but they were just a timely help, but they became a fuel to the fire. Xu Jiayin's expansion ambitions have caused these relationships to jump directly from the honeymoon period to the divorce stage.

Evergrande's debt black hole has a total liabilities of 2.39 trillion yuan, assets of 1.74 trillion yuan, and net assets of 644.2 billion yuan by June 2023. At the end of June 2025, 359.2 billion debts due were not repaid, 191 billion commercial bills were overdue, 2,631 pending lawsuits were filed, and the subject matter was 648.9 billion.

In January 2024, the Hong Kong court issued a liquidation order. The liquidator Anmai Consultant slowly realized assets. By July 31, 2025, he only realized HK$2 billion, of which 81.7 million came from the parent company, and the rest was stuck with the creditors of the subsidiary, and the parent company was only US$167 million.

Xu Jiayin was suspected of committing a crime in September 2023 and was also implicated by his second son Xu Tenghe. In 2024, the China Securities Regulatory Commission fined 47 million yuan and banned it for life, saying that he was ill-meaning. Evergrande will pay 70 billion yuan in 2009 to 2021, and will add more to Xu Jiayin’s pocket. He and Ding Yumei divorced in 2022 and were suspected of transferring their assets. The illegal basement of luxury houses in Hong Kong was ordered to be demolished and private jets were listed for sale.

Home buyers are the worst. Millions of owners face unfinished buildings, suppliers have no way to collect money, and financial institutions collect debts. Evergrande employees cannot cash out their financial products. The investments of those bigwigs in the circle of friends are now becoming waste paper.

Evergrande Empire is scattered, the debt is deep, and the circle of friends is gone. Xu Jiayin’s social network was originally his ace, but now it is a double-edged sword. Those losses are not only money, but also face.

References

China Evergrande will be delisted on August 25! The trillion-dollar debt dilemma remains to be solved - Observer Network