The phrase "watching him rise a tall building, watching him entertain guests, watching his building collapse" is the most appropriate way to describe Xu Jiayin.
Xu Jiayin, once China's richest real estate tycoon, had a tough Mid-Autumn Festival this year. According to media reports, Xu Jiayin was worth $41.4 billion (300 billion yuan) in August 2018, according to the Forbes real-time rich list, with the strong performance of Evergrande Health (now Evergrande Automobile). Become the richest man in China. According to the 2023 Hurun Global Rich list, Xu Jiayin is now worth only 20 billion, ranking 1100 in the world, down more than 90 per cent from his peak.
On the evening of September 28, China Evergrande announced on the Hong Kong Stock Exchange: "the company has been informed by the relevant departments that Xu Jiayin, the executive director and chairman of the board of directors, has been taken compulsory measures in accordance with the law on suspicion of breaking the law and committing crimes. Trading in the shares of the Company will be suspended on the Stock Exchange from 9: 00 a.m. on 28 September 2023 and will continue to be suspended until further notice. "
A person who works for Evergrande Group said that he and his colleagues also learned about the matter from the news and that there was no internal notice on the matter. As for the reason why Xu Jiayin was taken compulsory measures, industry sources pointed out that this may be related to his recent "quiet technical divorce" with Ding Yumei (Xu Jiayin's wife). The purpose of this kind of divorce is not to divide the property, but to evade legal liability by transferring part of the assets abroad.
According to the Daily Business News, Xu Jiayin, 65, has been the only appearance in the 18 months since the suspension of trading in Evergrande shares, basically a special meeting and monthly working meeting of the Baojiaolou within Evergrande Group. Only a month after the suspension, Xu Jiayin and his management team appeared at the Guangzhou Evergrande Center to create momentum for the first batch of Hengchi 5.
Hengchi is a new energy car-building project under Evergrande Group, led by Xu Jiayin. Xu Jiayin, who had deep pockets at that time, summed up Evergrande's road of "changing lanes and overtaking" with "buy, cooperate, circle, big and good", hoping to become the largest and most powerful new energy automobile group in the world in 3-5 years. According to reports, Evergrande's cumulative investment in building cars has reached nearly 50 billion yuan.
Since 2023, no internal information about Xu Jiayin's appearance has been published on Evergrande's website, official WeChat and other platforms. Evergrande last published news about Xu Jiayin on December 2, 2022, in order to dispel rumors about Xu Jiayin at that time. It is understood that this year, Xu Jiayin made two public appearances and spoke through Evergrande Football. The last public appearance was on July 4 this year, when he was hosting a management meeting of Evergrande Football Club. At this time, the Evergrande Department of listed companies also happened to reissue the performance report.
In July this year, China Evergrande and Evergrande Motor Co., Ltd. reissued their 2021 and 2022 earnings reports one after another, and Xu Jiayin's last fig leaf was torn off. The two companies accumulated net losses of 812 billion yuan and 84 billion yuan respectively in these two years. The combined loss of nearly 900 billion is eye-popping. In short, Evergrande is seriously insolvent, and it is clear that Xu Jiayin can no longer save himself in the face of such a big loss hole and the difficult mess in which coercive measures have been taken.
Earlier, media reported that a number of Evergrande executives had been taken away for investigation. People familiar with the matter said that the core members of Evergrande who were taken away in a similar period of time also included Xu Tenghe, the second son of Xu Jiayin. He once led the work of Evergrande Wealth; Pan Darong, the former CFO of Evergrande, was mainly responsible for the capital operation of Evergrande Department; and Zeng Litao, former chairman of Evergrande Real Estate Group and Evergrande property Group. In addition, other members, such as Ke Peng, former chairman of the Real Estate Group, and du Liang, the legal representative and executive director of Evergrande Wealth, are under investigation.
The 21st Century Economic report pointed out that the issues involved in Xu Jiayin are likely to be related to a number of charges, which are very complicated and may take quite some time to sort out.
However, at the beginning of this year, Xu Jiayin said bluntly: "2023 is the key year for Evergrande to fulfill its corporate responsibilities and do everything possible to guarantee the delivery of the building." I firmly believe that as long as all Evergrande people work together, never give up, work hard, work hard, and do a solid job in all aspects of construction, sales and operation step by step, we will certainly be able to complete the task of the Baojiao building. We will certainly be able to repay all kinds of debts, resolve risks, and open a new chapter in the rebirth of Nirvana. " However, up to now, Evergrande has only one production model of Hengchi 5, and the sales performance is very limited. With Xu Jiayin being arrested, the development of Evergrande has become very difficult. How to persuade consumers to buy such a company's products is another major problem that Evergrande needs to face.
Now, Evergrande Automobile, Evergrande property and China Evergrande have all been suspended. Xu Jiayin, as the main shareholder of China Evergrande, this incident will undoubtedly have a significant impact on the financial situation of China Evergrande.
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