From Riches to Rags: How China's Property Tycoon Hui Ka Yan Built and Lost a $40B Fortune

Hui Ka Yan founded Evergrande in 1996 and grew it into one of China's largest property developers, amassing a fortune of over $40 billion at his peak.
His flamboyant lifestyle and excessive wealth made him a target amid Xi Jinping's "Common Prosperity" policies to reduce inequality.
Evergrande expanded rapidly by borrowing heavily and selling apartments before they were even built.
The company has over $300 billion in debt and its stock price has plunged 99% as its unsustainable business model collapsed.
Hui is now being investigated for "illegal crimes" as authorities prioritize minimizing losses for Evergrande's customers and homebuyers.

bbc.com

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