Former chairman of Evergrande Group pleads guilty to a set of charges

Xu Jiayin, former chairman of China's property developer Evergrande Group, pleaded guilty to multiple crimes while standing trial in Guangdong province.

The Shenzhen Intermediate People's Court heard the case from Monday to Tuesday. Xu was charged with crimes including illegally collecting public deposits, fundraising fraud, illegal issuance of loans, fraudulent issuance of securities, unauthorized disclosure of important information, embezzlement, and bribery, according to a statement released by the court on Tuesday.

During the two-day trial, the China Evergrande Group and Evergrande Real Estate Group were also indicted on several offenses, including illegally collecting public deposits, fundraising fraud, illegal issuance of loans, and fraudulent issuance of securities, the statement noted.

A number of Chinese national lawmakers, political advisers, the family of the defendant, and investors attended the trial. The court added that the verdict will be announced at a later date.