According to the Daily Mail, the 21-year-old was in a group whose loud partying at a Birmingham hotel angered fellow guests in the early hours of Sunday morning, following Villa's goalless draw at Ipswich.
England Under-21 international Grealish recently signed a new four-year contract with Villa, the club Xia bought earlier this year.
The newspaper report claimed fellow party-goers were inhaling nitrous oxide
There is no suggestion Grealish joined them in doing so.
It is not the first time that Grealish's off-field conduct has been brought into question during his short career
In April 2015 he apologised to then Villa manager Tim Sherwood after being pictured inhaling from balloons at a party.
Last summer he was photographed lying on the ground, apparently drunk, while on holiday in Tenerife
The Villa academy product was then pictured on a night out just hours after a humiliating 4-0 defeat at Everton in November which led to former boss Remi Garde banishing him to the club's Under-21 side.
Xia wrote on Twitter in a direct message to Grealish: " As I said b4, focus every minute on&off pitch, choose the right type of ppl 2be with.Don't let ppl who trust u down!"
In subsequent messages, Xia added: " It's not warning but just elder brother's talk
I trust jack can really learn and be a MAN! Don't go wrong direction."
Grealish made just 16 Premier League appearances last season as the club were relegated but u nder new manager Roberto Di Matteo he has made an encouraging start to the new campaign, scoring two goals in eight appearances and signing a new deal to keep him at Villa Park until 2020
Former Villa striker Stan Collymore also told Grealish to find a path on the straight and narrow
In an open letter to Grealish, Collymore wrote: "You're a baby in life and a talented kid with it all in front of you
Caps, goals, security, and a very proud family who I saw after the Cup SF at Wembley who were so proud it reminded me of my family
"They are all you need kid
The school pals, the people in town, other players at other clubs (be especially aware of them, the s*** ones will happily see you fail), get rid of them if they don't tick one box
Loyalty."
Collymore added: "Anyone who says 'You're only young once, f*** them it's only fun, etc etc', they are the ones, whoever they are who need to go in the bin
"The last two youngsters I spoke to at Villa about the dangers were Lee Hendrie and Gareth Barry
One, like me, got the Birmingham village horribly wrong, the other has just played his 600th Premier League game.
"Make your choice, stick to it and only keep the best of the best who've proven themselves by your side
Or you're finished, I guarantee it."
Source : PA
Source: PA