From Richest to Ruin: The Stunning Downfall of China's Evergrande Billionaire Hui Ka-yan

Hui Ka-yan founded and built China Evergrande into one of China's largest property developers, amassing vast personal wealth that once made him China's richest man.
However, Evergrande has struggled under massive debt loads, leading Hui's net worth to plummet from a peak of $42.5 billion in 2017 down to $3.2 billion now.
Evergrande has defaulted on debts, and Hui has sold off personal assets like jets, a superyacht, and trophy properties in attempts to raise cash.
Hui has invested around $1 billion of his own money into Evergrande, but it has not been enough to stave off its collapse.
Chinese authorities now suspect Hui of crimes related to Evergrande's downfall, and he has been placed under house arrest.

scmp.com

Relevant topic timeline:

8/27/2023

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Evergrande shares plunge as much as 87% as trading resumes after 17 months

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Evergrande Chairman Under Investigation as Company Struggles with Debt Crisis

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Posted 10/1/2023, 1:00:19 AM

From Richest to Ruin: The Stunning Downfall of China's Evergrande Billionaire Hui Ka-yan

Hui Ka-yan founded and built China Evergrande into one of China's largest property developers, amassing vast personal wealth that once made him China's richest man.
However, Evergrande has struggled under massive debt loads, leading Hui's net worth to plummet from a peak of $42.5 billion in 2017 down to $3.2 billion now.
Evergrande has defaulted on debts, and Hui has sold off personal assets like jets, a superyacht, and trophy properties in attempts to raise cash.
Hui has invested around $1 billion of his own money into Evergrande, but it has not been enough to stave off its collapse.
Chinese authorities now suspect Hui of crimes related to Evergrande's downfall, and he has been placed under house arrest.

scmp.com

Relevant topic timeline:

8/27/2023

China Evergrande first-half net loss narrows to $4.5 billion

8/28/2023

Evergrande shares plunge as much as 87% as trading resumes after 17 months

9/17/2023

Evergrande Employees Detained After Failure to Pay Investors

9/25/2023

Evergrande Shares Sink as Debt Restructuring Plan Stalls Due to Creditor Resistance and Regulatory Probe

9/25/2023

Evergrande Debt Crisis Sparks Fears for China's Economy

Distressed Chinese property developer Evergrande Group's debt fears weigh on Chinese stocks, raising concerns about the world's second-largest economy.

9/27/2023

Evergrande Chairman Hui Ka Yan Under Police Surveillance Amid Ongoing Debt Crisis

10/2/2023

Evergrande Chairman Under Investigation as Company Struggles with Debt Crisis

China Evergrande Group Chairman Hui Ka Yan is under investigation for alleged asset transfers abroad, as the indebted property developer struggles to complete its projects.