Xu Jiayin starts the firm Evergrande. This firm builds many houses in China. A court makes a decision now. Xu Jiayin goes to prison for life. The court takes all his money. He loses all rights in politics. The firm Evergrande must pay much money.
Xu Jiayin does bad things. People say he does corruption. People say he does a fraud. He takes money from others. Xu Jiayin tells the truth in court. He says sorry for his acts. His case shows big trouble with houses in China.
Evergrande works very well for years. Many people move to the city. The firm takes loans for too much money. The debts grow too big. The firm has an insolvency in the year 2021. This means the firm can no longer pay the debts.
