Xu Jiayin on Industry Transition

Xu is described by The Guardian as a former steelworker who rose to become one of China's richest people, later building Evergrande from real estate into sports, entertainment, and beverages, per Wikipedia.

Evergrande defaulted in 2021 on roughly $300 billion in liabilities after government curbs on excessive borrowing and speculation narrowed its access to credit, an event the Guardian describes as emblematic of broader distress in China's property sector.

China's securities regulator separately fined Xu $6.6 million in 2024 and imposed a lifetime securities-market ban after finding Evergrande had committed disclosure-related violations, according to the Guardian's April 2026 report.