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He paid 100 million yuan ($16.4 million) for the club, shocking many as the team had recently been relegated to the second division of China's league. In 2011, they won the Chinese Super League and claimed the league title for the third time this year.
Dong Jianzheng, an editor at the Chinese-language World Soccer Magazine, credits Xu's deep pockets as the main reason for the team's success.
The club has spent at least 1.5 billion yuan ($250 million) in the past three years, according to The China Daily, recruiting domestic stars and foreign players like Brazilian striker Muriqui. The team is led by Marcello Lippi, who coached the Italian team that won the 2006 World Cup.
"The Evergrande model is similar to Chelsea and Manchester, where they win simply because they invest," Dong told CNN.
"They have a strong team and a large number of foreign players. They are good because they dare to throw in their money."
But he said Evergrande's success doesn't represent the big picture.
A bribery investigation that led to several players, referees and managers serving jail terms has left many fans disillusioned with the Chinese game.
Rowan Simons, the author of "Bamboo Goalposts: One man's quest to teach the People's Republic of China to love football", says corruption reaches down to the sport's grassroots, which suffer from a lack of investment.
"Parents will bribe the coach to get (their child) into the team, teams will bribe the referee to win the game," said Simons, who has lived and played football in China for more than 20 years.
READ: Beckham becomes new face of Chinese soccer
Hopes are high that Evergrande's arrival on the international soccer stage will give a much-needed boost to the country's football system.
The president of the Asian Football Confederation, which runs the region's premier tournament, said that Evergrande's win would infuse new life into Chinese football and spread the game to a wider audience.
"I am confident that this will benefit not only the Chinese Super League but also the national team in a big way," said Shaikh Salman bin Ebrahim.
But they will have a hard time convincing fans like Cui, an engineer, who spends his spare time glued to the English Premier League, Europe's UEFA Champions League and Spain's La Liga.
He says he won't make the effort to watch Evergrande's FIFA Club World Cup match against Egyptian side Al Ahly in December.
"The time difference is a challenge, but I still choose foreign matches because they are much more professional," he told CNN.