Following the September arrest of Evergrande chairman Xu Jiayin, Chinese social media has been awash with revelations about the former billionaire. Mr. Xu has reportedly confessed to collusion with a large number of high-ranking officials, with whom he had illicit financial dealings.
One China analyst believes Mr. Xu’s arrest was just the tip of the iceberg, paving the way for a widespread purge by Chinese leader Xi Jinping, with the goal of shifting blame for the real estate crisis and cutting short potential opposition to Mr. Xi.
