A Chinese billionaire, formerly one of the country’s wealthiest businessmen and once the second richest person in Asia, has seen his wealth plummet by 93%.
The chairman of Chinese real estate developer Evergrande Group, Hey Ka Yan, was worth $42 billion in 2017 and is now worth $3 billion, reports Bloomberg.
According to a CNN report, Huis Evergrande is the country’s most indebted developer with $300 billion in liabilities. In addition, the company has had real estate problems since 2021.
Hui eventually sold his homes and private jets to save his company.
Britain’s most expensive house at Rutland Gate in London (bought for $232 million in 2020) too belonged to Hui before they come back onto the market. It was previously owned by the late Crown Prince of Saudi Arabia, Sultan bin Abdul Aziz.
Evergrande has nearly 200,000 employees and owns more than 1,300 developments in more than 280 cities.
After defaulting on its US dollar bonds in December 2021, Evergrande has yet to submit its preliminary debt restructuring plan, raising further concerns about its future. The company has over $16 billion in outstanding dollar bills.
Hoping to start 2023 on a positive note, Hui told staff that “2023 is a key year for Evergrande to live up to its corporate responsibilities and do everything in its power to ensure the implementation of construction projects.”
“As long as everyone at Evergrande pulls together, never gives up, (and) works hard…we will surely be able to accomplish the tasks of ensuring deliveries, repaying all kinds of debts and solving risks,” wrote Hui in a letter.
Along with dwindling wealth, Hui finds himself politically isolated with the latest move by the Chinese People’s Political Consultative Conference (CPPCC).
The CPPCC, an elite group of government officials and the…
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