Xu Jiayin, former chairman of China's property developer Evergrande Group, was sentenced to life imprisonment on Thursday for a string of financial and corporate crimes, while the group and its property arm were fined a combined 15.82 billion yuan ($2.35 billion), according to the Shenzhen Intermediate People's Court.

The court sentenced Evergrande Group to fines totaling 8.82 billion yuan for multiple offenses and Evergrande Real Estate Group to a 7 billion yuan fine.

Xu was deprived of political rights for life and had all his personal property confiscated. The court also ordered the continued recovery of illegal gains, with any shortfall to be repaid.

According to the court, Xu was the actual controller of Evergrande Group, with overall responsibility for its operations.

Between 2016 and 2021, Evergrande Group, Evergrande Real Estate and Xu engaged in sustained, large-scale financial fraud, including inflating assets and concealing liabilities, the court said.

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The court also found that  Evergrande Group and Xu used bribery to gain control over financial institutions and illegally obtained credit and insurance funds for use by the group. Their conduct constituted crimes including corporate bribery, illegal issuing of loans and illegal use of funds.

Xu also abused his position as chairman of Evergrande Real Estate by organizing financial fraud and misappropriating company assets in the form of dividend payments, the court said.

The court ruled that Evergrande Group and Xu were guilty of illegally absorbing public deposits, fundraising fraud, illegal granting of loans, fraudulent securities issuance, illegal disclosure of important information and corporate bribery. Xu was additionally convicted of illegal use of funds and occupational embezzlement.

Evergrande Real Estate was convicted of fraudulent securities issuance.

The court said the crimes seriously disrupted the socialist market economic order, infringed upon public and private property rights and undermined the integrity of public officials. It described the amounts involved as exceptionally large, the circumstances as particularly serious and the resulting economic losses and social harm as severe.

The sentences were handed down based on the facts, nature and circumstances of the crimes and their impact on society, the court said.

Compensation for victims' losses takes priority over the enforcement of fines and confiscation of property, it added.

Also on Thursday, the Shenzhen Intermediate People's Court and the Nanshan District People's Court in Shenzhen handed down sentences in related cases involving other Evergrande personnel.

Fifty-six defendants received prison terms ranging from one year and 10 months to 18 years for offenses including illegally absorbing public deposits, fundraising fraud and illegal use of funds. They were also fined or had property confiscated, while illegal gains will continue to be recovered.

Xu had been placed under compulsory measures on Sept 28, 2023. His trial was held publicly at the Shenzhen Intermediate People's Court on April 13 and 14 this year. He expressed remorse in his final statement.