How Evergrande’s Hui Ka Yan blew up a USD43 billion fortune

China Evergrande Centre sign seen on the front of their building


Fuelled by easy money, China was undergoing a housing boom in 2017. Evergrande’s surging share price propelled Hui from No. 10 to No. 1 on the Hurun China Rich List. He appeared so confident about the market’s prospects that Evergrande continued borrowing vast sums of money to expand its business. That would be the undoing of the group.

Guo Yingzhe With the benefit of hindsight, the year 2017 could turn out to be the beginning of the end for China Evergrande Group, the property empire of entrepreneur Hui Ka Yan whose financial crisis and imminent implosion is shaking global markets. Hui, also known as Xu Jiayin, was on a roll and appeared indomitable, but corporate history is littered with examples of how hubris leads to nemesis. On paper, Evergrande was booming. Its profit

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