Four years after vying with Jack Ma for the title of Asia’s richest man, Evergrande chairman Hui Ka Yan’s fortune is plunging and his sprawling real estate empire is on the verge of collapse. It’s a stunning reversal for a man who fought his way from poverty in rural China to build one of the world’s largest property companies. In previous times of trouble, Hui had been able to rely on the help of his tycoon friends and local government support. A major bailout would send the wrong message when Xi is trying to rein in billionaires and close the nation’s wealth gap, said Donald Low, director of the Institute for Emerging Market Studies at the Hong Kong University of Science and Technology.
Read the news article on TheEdgeMarkets.com published on 11 October 2021.