赌徒许家印：权色的罪与罚

Has the deputy regimental commander been there?

Right in Zhujiang New Town What kind Is it as exaggerated as outsiders say?

More exaggerated than the outside world otherwise Jack Ma wouldn't be there clapping.

Hahaha Yes or no Unable to control Unable to control How exaggerated are these?

Therefore, it is a place that changes the perceptions of normal people.

After this female college graduate came...

After dancing Then let her arrange it.

What happened in that room?

He pounced in.

I laughed.

Then you can imagine...

I laughed.

They must have given a lot, right?

Cousin, of course you went.

I went It's just a performance.

But I didn't go into the VIP room.

The video you just saw This is an interview with Hu Zhibiao from a self-media platform.

Who is Hu Zhibiao?

China's first generation of richest people The owner of Aido DVD, which was popular all over the country back then He was also one of the few who experienced it up close.

People entertained by Evergrande Song and Dance Troupe Xu Jiayin This legendary mysterious song and dance troupe is said to be filled with three thousand beauties.

That's not something just anyone can see.

However, the beauty is still...

Mr. Xu, however, was already picking up soap in prison.

April 13, 2026 The Shenzhen Intermediate People's Court held a public hearing for the case of Xu Jiayin.

The prosecution listed eight charges in one go.

This former richest man in China A real estate tycoon in high spirits His attitude is completely different from back then.

He pleaded guilty and expressed remorse in court.

The court will announce its verdict at a later date.

From a top tycoon owning a private dance troupe to pleading guilty in court Mr. Xu's rise to wealth and his rapid fall What secrets are hidden between the falling trees?

Both were once the richest people in China.

He and Jack Ma and Wang Jianlin, who are still barely surviving.

Why are our fates so different?

Today we'll talk about Xu Jiayin's story.

Xu Jiayin Born in Henan in October 1958 Gaoxian Township, Taikang County, Zhoukou Prefecture, Shandong Province That area is the Yellow River flood plain in eastern Henan.

It is also one of the poorest places in China.

His father's name is Xu Xiangao He served in the army in his early years.

After being discharged from the army and returning to his hometown, he became a warehouse keeper.

My mother was an ordinary farmer.

Xu Jiayin was just eight months old.

His mother died of sepsis.

The family was so poor that they couldn't even afford to go to the hospital.

In his own words He ate sweet potato noodles A half-orphan who grew up wearing patched clothes He was raised by his grandmother.

Xu Jiayin had excellent grades when he was a child.

But because the family was so poor After graduating from high school in 1975 He returned to the countryside to farm.

shoveled manure I've driven a tractor He later recalled His biggest ideal at that time It means being able to eat a white flour bun when you go to the city.

China resumed the college entrance examination in 1977.

It saved the fate of countless underprivileged youths.

That was also the era.

This is the only upward mobility channel for rural children.

Xu Jiayin failed his first exam due to haste.

He later went back to school to repeat his studies.

The second college entrance examination in 1978 I was admitted to the Department of Metallurgy at Wuhan Iron and Steel Institute That is today's Wuhan University of Science and Technology During the four years of university Xu Jiayin lives entirely on the government's monthly student grant of fourteen yuan.

Until he graduated from university in 1982 Xu Jiayin was assigned to Henan He became a technician at Wuyang Iron and Steel Company.

Actually, he was within the system.

They're still doing very well.

Because he is hardworking and good at handling things.

In seven years, he rose from technician to workshop director.

They even came up with a set of 300 production management rules.

The workshop is managed in an orderly manner.

He was a star cadre in the factory.

But by 1992 Xu Jiayin, 34, suddenly resigned.

Throw away the iron rice bowl Heading south to Shenzhen to seek opportunities His official version of the narrative is that he was...

Inspired by Deng Xiaoping's Southern Tour Speeches I have lofty ambitions I want to go out and explore.

But what is the real situation?

But it's a different version.

Xu Jiayin was the workshop director back then He can't get up.

And someone even reported him.

He said he was generating revenue in the workshop.

Setting up a slush fund to distribute benefits He was suspended from his post pending investigation for this.

so At that juncture in 1992 Disheartened, Xu Jiayin stormed off.

The system couldn't tolerate his disruptive behavior.

And just then, a much larger casino in the south beckoned to him.

So This steel mill workshop director, who went south with his resume How did he become a real estate tycoon in just a few years?

Shenzhen in 1992 Everywhere are gold diggers like Xu Jiayin.

Xu Jiayin finally got his hands on a family after going through many twists and turns.

A trading company called Zhongda took a liking to it.

I became an ordinary salesperson But Xu Jiayin had, after all, been a workshop foreman.

It will soon be evident in this small company.

Outstanding business capabilities He used his old connections at the steel mill I helped the company close a steel deal with a prepayment.

He was promoted to office director within a year.

October 1994 His boss sent him to Guangzhou to develop the real estate market.

Xu Jiayin brought only one driver and two employees.

I registered a company called Pengda Four people are crammed into a farmer's house in an urban village to work.

That's how they broke into Guangzhou's real estate circle.

His former colleagues recalled that he At that time, Xu Jiayin was still extremely humble.

Call everyone he meets "Master" Moreover, they are particularly good at handling interpersonal relationships.

Xu Jiayin's first real estate project was called Zhudao Garden.

Large apartments were popular in Guangzhou at that time.

He did the opposite.

The main focus is on small areas and low prices. What are the results?

Became famous overnight This project earned Zhongda Company over 200 million yuan.

But what about Xu Jiayin himself?

Back then, I only made a little over three thousand yuan a month.

So he felt unbalanced.

He wanted a raise.

Go talk to the boss They said I helped the company earn over 200 million.

Can you give me a raise?

Increased to an annual salary of 100,000 The boss would certainly not agree.

Xu Jiayin gritted his teeth and said, "If you don't give it to me..."

I'll do it myself.

1996 Xu Jiayin founded Evergrande Industrial in Guangzhou.

His registered capital was borrowed.

There are only seven or eight employees.

The first project is called Jinbi Garden.

The land acquired was formerly the site of the Guangzhou Pesticide Factory.

His playing style is also classic.

It means paying the land price in installments.

Pay a small deposit first Locking in the land, then what?

Start work immediately Opening immediately The money from selling pre-sale apartments was used to pay for land and construction costs.

This leveraged game of getting something for nothing It was written into his DNA from day one at Evergrande.

By 1999 Evergrande, which has only been in business for three years It broke into the top ten real estate companies in Guangzhou.

It set a record for developing thirteen housing projects simultaneously.

It left its competitors speechless.

That was in this year Evergrande did something that had absolutely nothing to do with selling houses.

He founded the Evergrande Song and Dance Troupe.

A newly established real estate company They have established a professional performing arts troupe.

What are they trying to do?

What to do?

We'll discuss this in more detail later.

Xu Jiayin during this period This already clearly demonstrates a gambler's personality.

He needed to raise funds In 2002 At an average price of ten yuan per share Acquired a listed company, Qiong Energy A total of 42 million shares Cost over 400 million Xu Jiayin He originally intended to raise funds by issuing new shares.

And what was the result?

The A-share market was not doing well at that time.

Stock market slump His plan failed.

After Xu Jiayin The price had to be halved to more than five yuan per share.

Sold shares Lost 200 million in one go But this loss in the bet did not deter him.

Instead, it ushered in a more radical high The Evergrande model characterized by leverage and high debt Other developers borrowed money to build houses.

Xu Jiayin borrowed money He wanted to borrow more money.

Bank loans, trusts, and dollar bonds Commercial acceptance bills, internal financial management equity investment disguised as debt investment Any tool that can conjure money Evergrande has taken everything to the extreme.

This tactic flourished during the Hu-Wen era.

The real estate market is indeed effective.

2006 Evergrande expands beyond Guangzhou Begin to nationwide In just two short years His land reserves increased several dozen times.

The cost, however, is that the debt snowballs.

March 2008 Evergrande aims for a Hong Kong listing Just in time for the global financial crisis, the roadshow failed.

The IPO has been shelved.

Billions of dollars in debt weighing on them This put Evergrande on the brink of collapse.

It was Xiang who saved Xu Jiayin at the critical moment.

A famous poker table in Hong Kong, Big D Club The so-called Big D Association A high-society poker game centered around Cheng Yu-tung, the owner of New World Development.

His members include Joseph Lau and Albert Yeung.

Zhang Songqiao, Zheng Jiachun and other tycoons Because they all love to get together and play.

A type of card game in Guangdong called "Chuda D" This is why it got its name, Big D Club.

Xu Jiayin got involved with Cheng Yu-tung through Albert Yeung's introduction.

I spent almost the entire next three months in Hong Kong.

I have a meal with Cheng Yu-tung every week without fail.

Play a game of cards Big D Hoeing until late at night I lost four or five pounds.

Xu Jiayin's groveling ultimately paid off.

June 2008 Cheng Yu-tung joins forces with Kuwait Investment Authority Deutsche Bank, Merrill Lynch and other large institutions Invest $500 million in Evergrande Evergrande finally caught their breath.

At the Hong Kong listing launch event in October 2009 The wealthy members of the Big D Club collectively endorsed the event.

November 5, 2009 Evergrande listed Xu Jiayin's net worth exceeded 40 billion overnight.

Became the richest man in mainland China that year The Hong Kong tycoons who endorsed him also made a fortune.

That was in this year Xu Jiayin wanted to make Evergrande's brand famous.

Starting to enter the sports industry First, they hired Lang Ping with a high salary.

They set up an Evergrande women's volleyball team.

After tasting this sweetness He immediately turned his attention back to football.

March 2010 Xu Family Printing bought it for 100 million because of the fight Guangzhou football team relegated after being penalized for match-fixing Relying on a cost-no-holds-barred spending model Not only dominating the Chinese Super League Moreover, they won the AFC Champions League twice.

Although he wasted a lot of money on football However, the resulting advertising effect was very obvious.

The Evergrande brand Known to everyone in the country This brought Xu Jiayin even greater benefits.

At its peak Evergrande has nearly 200,000 employees Ranked 122nd in Fortune magazine's Global 500.

He has established thousands of projects across the country.

By 2017 Sales exceeded 500 billion Xu Jiayin once again topped the rich list with a net worth of 290 billion yuan.

Become the real richest person in China But it was at this time Xu Jiayin's gambler's nature has already shown some signs of defeat.

His diversified business ventures have all suffered major setbacks.

This directly sowed the seeds for Evergrande's later financial disaster, for example...

His Evergrande Ice Spring Claiming to sell 10 billion a year In reality, it lost 4 billion over three years.

He lost money in every business he ventured into, including grain and oil, dairy, and cosmetic surgery.

In 2019, they made a high-profile announcement that they would manufacture cars.

They even said they would become the world's largest in three to five years.

The new energy vehicle companies ultimately burned through more than 50 billion yuan.

Not a single production car has been seen.

And that one that claims to be half the size of Disneyland...

The Evergrande Children's World project, which had been established in fifteen locations across the country, ultimately failed to materialize.

So by 2020 Evergrande is actually facing numerous crises.

Commercial acceptance bills alone have more than 200 billion yuan lying around.

The annualized interest rate once soared to 30%.

Evergrande's commercial paper has created a dedicated secondary market among the public.

Borrow money from all over the world Pay off all the debts of the world And after having money Xu Jiayin is no exception to the pattern of the poor suddenly becoming rich.

You may have seen When Xu Jiayin returned to his hometown in 2018 Intentionally with his wife in his hometown Eating a "bitter-sweet meal" in a dilapidated house The acting was extremely exaggerated.

In fact Mr. Xu's private life is extremely luxurious.

Many people inside Evergrande have revealed...

His daily family dinner The meal allowance per person is over 600 yuan.

His favorite sea cucumber was missing.

That means the banquet can't start.

And there's another detail.

Mr. Xu loves a fruit called Japanese Shizuoka netted melon.

This fruit is very expensive.

And when he ate The waiter must slice, peel, and remove the seeds.

He only eats it if it's cut into equal-sized square pieces.

Furthermore, the temperature of this melon must be kept between 10 and 12 degrees Celsius.

That's how demanding it is.

He's drinking.

Usually only in his private karaoke room And they only drink Royal Salute.

When drinking alcohol, you should add soda water in a specific ratio.

Ice cubes made by adding purified water and freezing them.

Being his subordinate is also very hard.

Because he often holds meetings until 2 a.m.

And after one meeting He suddenly said, "I want to eat..."

Salted duck eggs and sweet potato porridge from my hometown His administrative director was forced to wake up.

Hundreds of employees who had already gone to sleep Each person drove to one of the 24-hour convenience stores in the city.

Convenience stores and night market food stalls Turned it upside down Finally, he managed to buy the porridge and sweet potatoes he wanted.

And what was the result?

He only took one bite and then left.

Just for his taste The ordeal kept hundreds of employees awake all night.

Besides the nouveau riche attitude What makes Xu Jiayin truly unique is that He is probably the most politically sympathetic of China's richest men.

Evergrande as early as August 2002 The first Party Committee of a non-public enterprise in Guangzhou was established.

Xu Jiayin personally assumed the position of Party Secretary He later even set up a United Front Work Department within the group.

A private real estate company United Front Work Department This sense of disharmony It's like there's a disciplinary committee inside the brothel.

certainly Mr. Xu is aligning himself with the Party.

They have the confidence to back it up.

He has been a member of the National Committee of the Chinese People's Political Consultative Conference since 2008.

In 2013, he was elected as a member of the Standing Committee of the CPPCC.

The Chinese People's Political Consultative Conference (CPPCC) Although it's just a vase It's not as good as Renmin University, but This member of the CPPCC Standing Committee...

It still has some weight.

More than 2,000 people from the National Committee of the Chinese People's Political Consultative Conference His Standing Committee only has about three hundred members.

so Xu Jiayin wanted to indulge his desire for officialdom within his own company.

Show off your style It's not surprising.

actually Many private entrepreneurs in China share this mentality.

After getting rich, everyone wants to be an official.

Do you all remember?

In 2021 The owner of the Wenfeng Beauty Chain in Shanghai is named Chen Hao.

A beauty salon owner He holds every employee meeting Not only was the venue decorated like that of a Party Congress Moreover, his entire meeting process The content of the speech was the same as that of the Party Congress.

Their company's official WeChat account even boasted about Brother Hao.

The mindset is the only direction that will help us succeed.

Please don't look down on people who run beauty salons.

They also have political ideals.

Let's go back to Evergrande's owner, Xu Jiayin.

The desire for official positions is reflected within Evergrande.

That's the party spirit of Evergrande.

It was so thick it couldn't be dissolved.

The entire Evergrande Group has 35 Party committees.

Eighteen Party branches 1,023 Party branches Managing more than 10,000 party members His internal layout of Evergrande newspaper It's a complete copy of the People's Daily.

The employees internally call him Xu Jiayin You can't call him Chairman You should call him Chairman.

His lavish reception of guests It is said that it was done in the manner of a national leader receiving foreign guests.

So what?

This led to that famous scene in March 2012.

Xu Jiayin jogged along He went to attend the annual meeting of the National Committee of the Chinese People's Political Consultative Conference (CPPCC).

A sparkling Hermès belt was pinned to his waist.

Caught red-handed by reporters From then on Xu the Belt became known as a nickname in the martial arts world.

July 1, 2021 Celebrating the centenary of the founding of the Communist Party of China Business tycoons who ascended the Tiananmen Rostrum There's only Xu Jiayin.

His famous quote gave birth to everything between me and Evergrande.

It was all given to me by the Party.

The state gave actually What Xu Jiayin didn't say was Everything Evergrande has is thanks to the powerful, influential family behind it.

So who are these "red families"?

it is known In China Many times How big can a business grow?

It's not about how capable the boss is.

Instead, it's about how powerful the boss's network of connections is.

If you don't climb up to the red elite So it's destined to be a minor skirmish.

It's difficult to grow big and strong What exactly are Xu Jiayin's network of powerful connections?

Let's talk about them one by one.

Let's start with the top-tier red family, the first one.

Zeng Qinghong family The Sydney Morning Herald is an Australian newspaper.

He revealed a major scoop in 2015.

At the end of 2014 Xu Jiayin's shell companies registered in Australia through Evergrande The investment was approximately 39 million Australian dollars.

Purchased a luxury oceanfront mansion in Piper Point, one of Sydney's most affluent suburbs.

New Year's Eve 2015 This mansion hosted a star-studded New Year's Eve party.

The person hosting the event was not the homeowner, Xu Jiayin.

Instead, it was Zeng Qinghong's son, Zeng Wei.

Because Zeng Wei himself spent money in 2008 Bought for 32.4 million Australian dollars The century-old mansion is being demolished and rebuilt.

That mansion was just steps away from the Xu family's mansion.

so what Xu Jiayin also gave his mansion It was perfectly reasonable to lend the place to Zeng Wei.

Can hand over the keys to your mansion directly It ended up in the hands of the Zeng family and was used as a clubhouse.

To what extent did Xu Jiayin and the Zeng family have a close relationship?

It goes without saying that The ending of this mansion is even more interesting.

March 2015 Australian Treasurer Hockey has identified this mansion as a key asset.

The transaction violated regulations on foreign home purchases.

Xu Jiayin was ordered to sell the property within ninety days.

The person who quietly took over the business was a mysterious Chinese businesswoman named Wang Li.

She was one of the very few VIPs at that New Year's Eve party.

Her sister also co-owned shares in an Australian company with Zeng Wei.

Therefore, the conclusion reached by the Australian media is...

In reality, these people are all interconnected by a complex web of interests.

Xu Jiayin's second powerful patron was the Jia Qinglin family.

I often mentioned a person in my previous videos Shen Dong, the former front man of Wen Jiabao's family He wrote a memoir about red gambling.

In this book He made detailed records of the spring of 2011.

His wife, Duan Weihong, hosted the event for the guests.

Jia Qiang, daughter of then Politburo Standing Committee member Jia Qinglin And his son-in-law, Li Botan And then there's Xu Jiayin and his wife.

The group traveled together on a private jet.

Playing Dou Dizhu on the plane When we arrived in Paris First lunch The cost of alcohol alone exceeded $100,000.

Xu Jiayin also went to see a yacht owned by a Hong Kong tycoon.

Asking for one hundred million US dollars Still not grand enough after seeing it?

That's why I didn't buy it.

There's another detail in the red betting table.

More than the yacht, it demonstrates Xu Jiayin's level of skill.

They said they had dinner in Beijing once.

Xu Jiayin pulled Duan Weihong into a jewelry store.

He immediately said he wanted to give her a [item/item/etc.] priced at [amount/price].

A ring worth over one million dollars Duan Weihong knew This kind of favor will have to be repaid sooner or later.

So I didn't want it.

result Xu Jiayin did not give a chance to explain He bought two identical rings on the spot.

It was handed directly to Duan Weihong Shen Dong added a meaningful sentence in the book.

These two rings were definitely not bought for his wife.

Who ultimately received those two million-dollar rings?

The book didn't say anything about "but".

It's not hard to imagine Xu Jiayin's third powerful political backer It's what I talked about a few days ago.

Ma Xingrui, a member of the Politburo who was expelled from the Party and removed from public office He can be said to be Xu Jiayin's biggest backer in Guangdong.

March 2015 After Ma Xingrui became the Party Secretary of Shenzhen To boost political achievements They actively recruited Xu Jiayin.

Xu Jiayin, who was eager for this opportunity, immediately responded.

Evergrande moved its headquarters to Shenzhen.

Evergrande's golden age in Guangdong And Ma Xingrui's administration of Shenzhen and Guangzhou The timeline in the East is perfectly aligned.

Many Evergrande projects Ma Xingrui personally endorsed the event.

Evergrande and the Guangzhou Municipal Government signed an agreement to develop new energy vehicles.

Supporting Xu Jiayin It was Ma Xingrui, the governor at the time.

The transfer of benefits between the Ma family and Evergrande How exactly does it work?

In my previous program specifically about Ma Xingrui It has already been explained in detail.

For those who haven't seen it, please go and watch it.

Here I am Let me briefly explain again.

The Ma Xingrui family's front man is the mysterious businessman Wang Zhanjiang.

He brought in Hu Donghai, the former chairman of the state-owned enterprise CITIC Real Estate.

Using the name of a central state-owned enterprise Urban redevelopment projects in Shenzhen Then sell these projects to Evergrande and Vanke to take over.

Caixin published an article on September 18, 2021.

I published an in-depth investigative report: How did Evergrande get to this point?

It mentions that Evergrande passed Cooperation with Ma Xingrui's white gloves They have successively secured 62 urban renewal projects in Shenzhen.

Ma Jia Pi Project White gloves for project transfers Evergrande and Vanke act as the white knights to carry out the deal.

Xu Jiayin's fourth The Red Elite Circle These are the regional governors.

This involves many people.

What about officials who are too low-ranking?

I won't say anything.

Here I will mainly talk about the first of the four people.

Sun Zhigang, former Secretary of the Guizhou Provincial Party Committee He and Xu Jiayin are both from Henan province.

Even more coincidentally They are all alumni of Wuhan Iron and Steel Institute.

2015 After Sun Zhigang took office in Guizhou Evergrande made a high-profile announcement that it would help Bijie.

That's my hometown.

It is said that more than 7.5 billion yuan will be invested.

At the same time, large-scale land acquisition and development in Guiyang 2024 Sun Zhigang was sentenced to death with a two-year reprieve for accepting bribes exceeding 800 million yuan.

The charges identified by the court There is a written provision to help real estate developers.

The second person is Tang Yijun, the former Minister of Justice.

According to Caixin.com During Tang Yijun's two and a half years as governor of Liaoning Province Evergrande made a major foray into Liaoning Investing in real estate Tang Yijun helped Xu Jiayin acquire a controlling stake in Shengjing Bank.

This largest city commercial bank in Northeast China This became Evergrande's cash cow.

More than 100 billion yuan was injected into Evergrande.

In the end, he left behind a huge mess.

The government will pay for it.

End of 2024 Tang Yijun falls from power Ultimately, he accepted bribes exceeding 100 million yuan.

Sentenced to life imprisonment The third person That is Zhang Qi, the former secretary of the Danzhou Municipal Committee of Hainan Province.

Ming Pao, Hong Kong, April 20, 2026 When reviewing the high-ranking officials involved with Xu Jiayin The first one mentioned was him.

Evergrande invested US$12 billion back then To build the world's largest artificial island, Ocean Flower Island The project was approved by him in violation of regulations.

Zhang Qi later rose through the ranks to Hainan Province.

Member of the Standing Committee of the Provincial Party Committee and Secretary of the Haikou Municipal Party Committee He was sentenced to life imprisonment in 2020 for embezzlement.

The project was abandoned.

The people who approved the projects also went in.

The thirty-nine buildings on Ocean Flower Island were also ordered to be demolished.

It's really a wasted effort.

The fourth person That is, Chen Rugui, the former mayor of Shenzhen.

He came from Guangzhou's urban construction system.

He and Xu Jiayin have been acquaintances for many years.

2017 Chen Rugui appointed Mayor of Shenzhen Evergrande received multiple policy supports in Shenzhen.

2021 Chen Rugui was dismissed from his post.

He was also sentenced to a heavy prison term for accepting bribes.

Besides these local officials Xu Jiayin also bribed many people in the financial system.

For example, in granting credit to Evergrande Sun Deshun, former president of CITIC Bank with assets exceeding 100 billion yuan In 2024, he was convicted of accepting bribes and illegally issuing loans.

Both were sentenced to death with a two-year reprieve.

Some financial media outlets have compiled and statistically analyzed this data.

As of March 2026 Banks, trusts, and securities firms implicated in the Evergrande case The number of people involved in the case has exceeded six hundred.

Although Mr. Xu relied on profit-sharing and financial incentives to pave the way...

In China's elite circles, influence and connections are boundless.

However, the reason why officials and businessmen can combine...

It is essentially driven by profit.

Once the common interests are gone...

This kind of relationship is even more superficial than fair-weather friends.

After the outbreak of the COVID-19 pandemic in 2020 Evergrande's properties are not selling well.

Facing debt default Xu Jiayin sought help from Ma Xingrui in September of that year.

The Evergrande Group issued that sensational statement across the internet regarding...

Requesting support for the report on the major asset restructuring In this report Xu Jiayin's gentle yet sharp nature Threatening that if Evergrande fails to complete the restructuring This will affect more than 8,400 upstream and downstream companies.

Businesses and millions of jobs This could trigger systemic financial risks.

But at this time, Ma Xingrui He's about to be promoted to Party Secretary of Xinjiang.

His entry into the Politburo has already been decided internally.

He no longer needs Xu Jiayin to provide him with achievements.

Xu Jiayin's bath scrubber It also lost its value for use, so Ma Xingrui had absolutely no motivation to save him.

December 3, 2021 Evergrande officially announced its debt default.

Late that night The Guangdong Provincial Government summoned Xu Jiayin for talks.

Announcement of sending a working group to Evergrande for auditing Three weeks later Ma Xingrui transferred to serve as Xinjiang Party Secretary It looks like a promotion.

In reality, he left Guangdong, that place of trouble, from then on.

Completely abandoned Xu Jiayin Then comes the familiar plot.

Taiwanese newspapers once cited sources from Guangzhou's official circles.

It is said that Xu Jiayin was arrested in September 2023.

In order to protect themselves He once provided the authorities with a long list of high-ranking officials.

Ma Xingrui was among them.

From Sun Zhigang and Tang Yijun Then Jiang Chaoliang in Hubei These are the powerful regional officials who have fallen from power in recent years.

They all have connections with Mr. Xu.

April 3, 2026 Ma Xingrui is officially under investigation.

Ten days later The Evergrande case went to trial in Shenzhen.

This coincidence in time The arrangement was quite deliberate.

It is no exaggeration to say Mr. Xu truly did it all by himself.

It dragged half of the officialdom into the mess.

There is also something inside.

A very interesting detail 2014 Ren Xuefeng, transferred from Tianjin to become the Party Secretary of Guangzhou.

He has never liked Xu Jiayin's style.

Therefore, deliberately maintaining distance After Evergrande quietly moved its headquarters to Shenzhen Ren Xuefeng was furious A number of officials who neglected their duties were punished.

Ren Xuefeng was later sidelined and sent to Chongqing to serve as deputy secretary.

End of October 2019 When attending the Fourth Plenary Session of the 19th CPC Central Committee in Beijing Accidental death The official explanation is that the illness was treated ineffectively.

A more credible rumor is that he committed suicide by jumping off a building.

What about this statement?

It cannot be verified.

Everyone can make their own judgment.

But one thing is certain.

During the heyday of Evergrande Officials who opposed Boss Xu never had a good ending.

And those who are in cahoots with Boss Xu Most of them are thriving only Now it's time to settle accounts.

These pants It became a shroud.

Speaking of which...

As you can probably see Although Xu Jiayin is also a front man for a powerful family, His white gloves were somewhat different from others.

Most white gloves The boss on the table He was just a puppet.

His properties Most of them are not actually under his control.

Moreover, when it comes to white gloves, the emphasis is on being as low-key as possible.

The more secure your master is, the safer you will be.

Xu Jiayin and other white gloves That's completely different.

He does indeed control all the companies under his name.

Moreover, he was also unprecedentedly high-profile.

so To be precise Xu Jiayin is not a front man for any particular company.

He is the public front man for the entire elite ecosystem.

Zeng family, Jia family, Ma Xingrui, Sun Zhigang Tang Yijun, Zhang Qi, Chen Rugui Who can open the door for him?

He gives gifts to whoever Carrying sedan chairs to handle affairs He was actually linked to the entire crony capitalism system.

A devil's alliance between power and money Xu Jiayin is merely the general interface of this alliance.

so He was also bolder than other white gloves.

Even more tragic So here's the question...

What specific methods did Xu Jiayin use?

These adults who hold great power One by one, the items became our own.

Besides real gold and silver There are also some things inside that are not presentable.

Now we can go back to the line we buried earlier.

1999 Evergrande, which has only been in business for three years They actually established the Evergrande Song and Dance Troupe.

It was eleven years earlier than buying a football team.

You should know At that time, Evergrande wasn't even ranked among the top teams in the country.

Xu Jiayin was actually willing to spend a lot of money.

The price to support a professional performing arts troupe so Everyone should know What is the significance of this thing within his business empire?

Xu Jiayin, a seasoned veteran of the business world, probably understands this better than anyone else.

The highest level of relationship Often, only the most primitive means are needed to maintain it.

And this most primitive method That is color The configuration of Boss Xu's private song and dance troupe It's a bit scary to say.

His hiring criteria included formal training from top art colleges.

Ages 17 to 25 The actress's height is between 1.65 and 1.75 meters.

Well-proportioned facial features Outstanding temperament An even harsher version is also circulating online.

This also includes the actors' weight.

Controlled between 93 and 98 jin The body should have three long and one short length.

What does "three longs and one small" mean?

Long legs, long arms, long neck The head should be small.

certainly Stringent conditions The treatment is not bad either.

Probationary period monthly salary 8,000 Top-tier actors earn 28,000 yuan per month.

Additional bonus Luxury apartment shuttle service peak period His song and dance troupe has a staff of up to two hundred people.

Annual expenses exceed 100 million.

Over the course of more than ten years The money Evergrande spent on this dance troupe It is estimated to exceed two billion.

It is said that...

Part of the selection process Xu Jiayin even personally took charge.

What about Xu Jiayin?

They all recruit college students through experiential learning.

Even more powerful than the Three Palaces and Six Courtyards!

They used to interview eunuchs.

Xu Jiayin personally interviewed the candidates.

Interestingly This song and dance troupe has existed since 1999 He was until 2011 It was only formally registered at the business registration level.

In other words For twelve years This cultural troupe It has always been the private property of the boss, Xu Jiayin, outside of his business.

They don't even have a formal household registration.

What kind of business can be done openly?

What kind of business is shady?

This can be seen from the above.

Evergrande's Shenzhen headquarters building Ordinary employees can only access level 40.

The 41st and 42nd floors are restricted areas.

Only Xu Jiayin and a very small number of high-ranking officials And the VIPs they were to entertain Only then are you qualified to go up And it is on this floor Evergrande's VIPs Qualified to enjoy the highest-level private performances What's Mr. Xu's move?

It's actually not new at all.

Because as early as twenty years ago Lai Changxing from Xiamen was the one who orchestrated the world-famous Dream of the Red Chamber.

To put it bluntly It means spending a lot of money to keep a bunch of prostitutes.

To seize power and influence through the most primitive means of physical violence At the beginning of the video, I mentioned Hu Zhibiao.

He had attended a private performance by the Evergrande Dance Troupe.

That's what I mean.

certainly Tracing the origins This method of playing the game was not invented by Lai Changxing.

The cultural troupes within the system have a long history Lai Changxing and Xu Jiayin It's just that he's privatized.

Many people have been entertained by the Evergrande Song and Dance Troupe In Ma Xingrui's expulsion from the Party and public office announcement He was accused of engaging in power-for-sex transactions.

That's what it actually refers to.

As mentioned earlier, this company granted Evergrande a credit line of over 100 billion yuan.

Sun Deshun, the president of CITIC Bank, was later sentenced to death with a two-year reprieve.

He was the earliest It was Xu Jiayin who secured the deal through hospitality with the song and dance troupe.

Who was the last director of the Evergrande Dance Troupe?

Call her Bai Shanshan Born in Guizhou in 1991 1.77 meters tall Joined the Youth League in 2013 The following year, they won the Chinese model award.

Special Star Guangdong Division Champion Within a few years He rose from an ordinary member to the head of the song and dance troupe.

Nicknamed Second Concubine What about Bai Shanshan herself?

They firmly denied these rumors.

He claimed that his salary, car, and house were all verifiable.

In October 2023 He even called the police specifically to protect his rights.

Prove your innocence But in the end, nothing came of it.

Bai Shanshan now He has wisely retired from the martial arts world.

I deleted all my social media accounts.

She ran away to Macau and married a real estate tycoon named Li Yunhao.

Although many rumors about the Evergrande Dance Troupe cannot be verified.

However, I think there are two points that are not...

The first one that can be verified is also valid.

A company that has been in debt for years Supporting a force of two hundred people Costing hundreds of millions A beautiful performing arts troupe that doesn't make money internally What is its function?

Even a child could figure this out.

second 2026 Evergrande Dance Troupe officially enters bankruptcy proceedings His total assets on paper were only 35,500 yuan.

However, its debts amounted to 185 million yuan.

35,500 That's not even enough to pay an actor's salary for two months.

so Under the lights on the 42nd floor back then How many sordid things have happened?

It's hard to say now.

So Evergrande, an empire built on leverage, gambling, and entertainment.

From which day did it begin to collapse?

The cracks in the Evergrande empire It started with a high-stakes gamble.

Xu Jiayin in October 2016 Evergrande launches its plan to return to the A-share market.

Shenzhen Real Estate Group Co., Ltd. (Shenzhen State-owned Enterprise) In order to increase valuation He introduced three rounds of strategic investment.

The total is 130 billion.

They also signed a performance-based agreement.

Let's say if January 3, 2021 The restructuring and listing cannot be completed before the 1st.

Evergrande will repurchase the shares with interest.

Xu Jiayin is betting on the high valuations of A-shares and regulatory approval.

But he didn't expect...

After Xi Jinping proclaimed the slogan "Housing is for living in, not for speculation," Regulation has already tightened.

This time They absolutely refuse to open the door to real estate companies anymore.

Four years later Shenzhen Real Estate's restructuring has made no progress.

The 130 billion yuan thus became a guillotine hanging over Mr. Xu's head.

August 2020 Regulators have issued three red lines.

Specifically designed to deal with highly indebted real estate companies like Evergrande.

Three red lines Evergrande has hit every single one of the criteria.

It's like being cut off from food by the bank.

The first half of 2021 His commercial drafts began to default on a large scale.

June of that year Guangfa Bank took the lead.

Evergrande's assets frozen The first domino fell.

September 8, 2021 Evergrande announced that the redemption of its wealth management products will be delayed.

Hundreds of thousands of investors Instant fryer Evergrande internal There is a fundraising product specifically targeted at senior executives.

It's called Super Treasure Annualized interest rate as high as 25%.

Investment starts from three million.

All of Evergrande's employees were assigned tasks.

The task of purchasing financial products Unfinished Bonuses will also be deducted.

If his construction company wants to settle the project payment with Evergrande...

You also need to buy financial products first.

Using money from employees, suppliers, and property owners to prolong its own existence.

This is no longer leverage.

Instead, it directly sucks blood.

By August 2021 Among Evergrande's more than 800 projects More than 500 work stoppages Sold in 2020 alone However, there are more than 600,000 undelivered houses.

Involving 2.04 million homeowners If you calculate it as a family of three...

That means the dream of homeownership for five or six million people is left hanging in mid-air.

A very popular video in China last month The Evergrande homeowners in Kaili, Guizhou, were forced into this situation.

I still live in the unfinished, abandoned building.

Eating meals from many families every day on a real concrete and steel ruin It's so heartbreaking.

December 2021 Evergrande officially announced its inability to repay its dollar debt.

Officially exploded By the end of 2022 Total liabilities remained at 2.44 trillion yuan.

These debts are Chinese homeowners burdened with mortgages.

Ultimately, banks and even taxpayers foot the bill.

But for Xu Jiayin He was already full long ago.

Because he had already distributed dividends...

He openly and legitimately transferred the borrowed money into his own account.

What is Evergrande's position in the real estate industry?

It is a well-known dividend payer After going public in 2009 Almost every year, half of the profits are distributed as dividends.

On the eve of the explosion He has distributed a total of HK$69.2 billion in dividends.

But the reason why Evergrande frequently distributes dividends That's not for rewarding shareholders.

Instead, it directly benefits Mr. Xu.

Because he is Evergrande's largest shareholder.

In just the decade from 2011 to 2020 As a major shareholder holding more than 70% of the shares Xu Jiayin alone profited from dividends 49.981 billion If we include his family's related shares So, the total dividends of Evergrande amounted to HK$69.2 billion.

Their family took away 53 billion.

This is not a dividend.

This is direct transfer.

Put this number back into the context of the same period.

The sense of absurdity is even greater.

Xu Jiayin allowed Evergrande to take advantage of...

To maintain 30% usury While pocketing half of the company's profits...

And what's even more shameless is...

September 2020 Just as Xu Jiayin submitted a request for help to the Guangdong Provincial Government He turned around and announced Evergrande will continue to distribute dividends in the second half of the year.

A company with more than two trillion yuan in debt They can even come up with tens of billions to distribute as dividends.

Even more outrageous is By July 2021 The countdown to Evergrande's financial crisis has begun.

Mr. Xu even issued a notice saying that he would distribute dividends again.

At this time, Mr. Xu They have indeed fallen into the madness of gamblers.

They're rubbing everyone's, including the Party's, intelligence into the ground.

As expected This time, public opinion exploded.

Mr. Xu was forced to cancel under pressure.

so In fact, Xu Jiayin He never considered Evergrande as his own company.

He treated Evergrande as a platform for raising funds and exploiting investors.

Is the company profitable?

It doesn't matter how much debt I have.

As long as I get my share of the profits, that's fine.

50 billion in dividends For a hole of 2.44 trillion yuan It's really just a small fraction.

But for Xu Jiayin himself What does it matter?

Evergrande's debt That's social.

The money that's in your pocket is yours.

This is the part of this gamble.

His most shrewd point What's even more outrageous is his next move.

2022 He and his wife, Ding Yumei, staged a technical divorce.

What is technical divorce?

It's a fake divorce for the purpose of asset division and transfer.

Ding Yumei holds Canadian citizenship Based in London year-round He holds a large number of offshore real estate properties under his name through offshore companies.

Including Hyde Park, London A mansion worth £210 million What about Xu Jiayin's two sons?

They also have their own division of labor.

His eldest son, Xu Zhijian, has been living a long-term life Staying discreetly overseas Managing the family's overseas and foreign assets The second son, Xu Tenghe, holds a position within the Evergrande system.

Deeply involved in the operation of Evergrande Wealth As early as 2019 That is, before the crisis broke out Xu Jiayin and his wife had already put a large sum of money into it.

The dividends were transferred to the United States through an offshore company.

A family trust of up to $2.3 billion was established.

The beneficiaries were his two sons.

The four-piece set of dividends, divorce, trusts, and children going abroad.

Xu Jiayin believed he had secured four layers of insurance for his family's wealth.

But he forgot You already said it.

The Party has given you everything.

So what do you want now?

To take it so blatantly Will the Party agree to this?

September 2023 The situation changed suddenly Mid-month Several senior executives of Evergrande Wealth were taken away by Shenzhen police.

Xu Jiayin's second son, Xu Tenghe, was taken away.

September 28th evening China Evergrande Announcement Xu Jiayin, chairman of the company's board of directors, is suspected of illegal and criminal activities.

Compulsory measures have been taken in accordance with the law.

So many years Only the Party fleeces the wealthy.

How can we allow you to turn around and exploit the Party?

so From this day onward Xu Jiayin disappeared from the public eye for a full 930 days.

January 29, 2024 The Hong Kong High Court issued a winding-up order against Evergrande in June.

Hong Kong High Court issues global ban Assets worth $7.7 billion under Xu Jiayin's name frozen July Courts in Hong Kong and London also heard from his wife.

Ding Yumei issued a global asset freeze order Mrs. Xu, who used to spend lavishly Limited by the British courts A maximum of £20,000 per month for living expenses This global debt collection war has dragged on to this day.

Still going on October 2025 Hong Kong High Court ruling Xu Jiayin's $2.3 billion family trust In reality, it's a nominee shareholding.

Essentially, it's still his personal property, so what?

The liquidator can take direct control.

The most ironic scene happened in London.

June 2026 The Guardian published a message It is said that Xu Jiayin owns a mansion in London worth £210 million.

Because it has been vacant for many years Long in disrepair A fifty-seven-year-old homeless man had moved into his porch.

He lived there for three years.

They still live there now.

Millions of Evergrande homeowners across China are waiting for their apartments to be delivered in unfinished buildings.

The richest man's mansion in London You said you would shelter the homeless from the wind and rain Is this some kind of karmic cycle?

But for creditors These operations It's actually very difficult to recover the losses.

Total amount of claims received by Evergrande It is approximately HK$350 billion.

The total value of Xu family's assets frozen globally It's only 55 billion RMB.

The actual cash realized Currently, there are only two billion, so Many Evergrande's creditors That's when you can't even cry.

August 2025 Evergrande was officially delisted from the Hong Kong Stock Exchange.

Completely kicked out of the capital market A real estate empire Finally, the smoke cleared up.

Then it will be on April 13, 2026.

Shenzhen Intermediate People's Court held a hearing.

Evergrande Group as the defendant He was charged with six counts Xu Jiayin was the individual defendant.

Charged with eight counts These eight crimes outweigh the single charge of fundraising fraud.

The maximum sentence he could receive was life imprisonment.

Although the court has not yet delivered a verdict.

But one can imagine Xu Jiayin's outcome won't be good.

Now let's talk about the last question.

Both are the richest people Why did Jack Ma simply disappear?

Wang Jianlin is just selling buildings.

Xu Jiayin, on the other hand, will spend the rest of his life in jail.

I think the answer to this question is actually very simple.

What are Jack Ma's faults?

Is your mouth too big?

It has altered the discourse power of authority.

Knock in place You can keep it as a mascot.

Wang Jianlin's sins It was flattery that backfired.

so As long as they are willing to cut off their arm to survive Give up assets It can also help you survive.

But Xu Jiayin is different.

He turned the 2.44 trillion yuan hole into a hole.

It was thrown directly in the face of the Party.

Millions of homebuyers have been turned into targets of stability maintenance efforts.

He also took Sun Zhigang and Tang Yijun into custody.

Ma Xingrui and other high-ranking officials were dragged into the mess.

Jack Ma and Wang Jianlin offended It's just the face of power.

Xu Jiayin exposed It is the essence of power I can save face for you Li Zi must sacrifice you.

But if we only understand Xu Jiayin as What about a daring gambler and swindler?

Then our perspective is too narrow.

The essence of Evergrande's model It has never been about running a real estate business.

Rather, it is the management of power.

Using leverage to hold banks hostage Using guaranteed-delivery housing to hold local governments hostage.

Using millions of homeowners to hold society hostage.

Then use the sex and bribes from the song and dance troupe Kidnapping officials with the green light all the way This model can keep running at full speed for 25 years.

This precisely proves that he is not a loophole.

Rather ecology Xu Jiayin is not actually a traitor to the system.

He is the most outstanding student in this system.

only He learned so well So good that it emptied the teacher's savings!

As for the ending?

Let's make a few guesses.

Xu Jiayin's sentence It's highly likely to start indefinitely.

The political earthquake he triggered It's probably far from over.

What about Ma Xingrui?

It's definitely not the last one.

at last In Mr. Xu's story Let me end with a joke.

When Xu Jiayin was at the height of his fame Some people want to flatter I specially presented him with an acrostic poem.

Xu Di bloodline Patriotism Impressions of China extraordinary Crossing boundaries Go further and further A magnificent life Great talent born of nature The first character of each sentence, when read together, is Xu Jiayin.

Excellent and great I wonder what he's like now in the Shenzhen Detention Center.

Will Xu Jiayin still remember this poem?

The Evergrande Dance Troupe has now disbanded.

Mr. Xu probably won't be able to enjoy his favorite Japanese netted melon anymore.

His stories, though they've all gradually become jokes...

But those of us who are actually watching this joke find it hard to laugh.

Because countless people still live in the Evergrande rotten area Ordinary people struggling to survive in the last building Ultimately, they are the ones who pay the bill in this gamble.

good Thank you for watching today's story about Second Master.

See you next time!

Hello everyone I am Bai Shanshan During this period, I experienced a wave of online rumors.

I believe this would be a devastating blow to any woman.

Many friends around me have told me not to respond.

They say it's just a gust of wind.

It will pass in a while.

I also believe that everyone has the ability to judge things.

Therefore, I did not respond.

Later I discovered that not everyone has the ability to make judgments.