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Hui Ka Yan is Chairman of China Evergrande Group.
The Chinese billionaire, who was one of China’s richest and most influential businessmen, saw his fortune fall 93%. Hui Ka Yan, chairman of China Evergrande Group, once had a fortune of $42 billion, making him the second richest person in Asia. But his fortune has dwindled to his $3 billion, Bloomberg’s Billionaires Index showed. CNN.
Evergrande, the country’s most indebted developer with $300 billion in debt, has been at the center of China’s real estate troubles since 2021. To save his company, the billionaire ended up selling his home and private his jet as well.
The company has approximately 200,000 employees, more than $110 billion in revenue in 2020, and owns over 1,300 developments in over 280 cities. The company also failed to meet its preliminary debt restructuring plan last year, raising questions about its future. CNN.
In addition to his dwindling wealth, Hui is finding himself increasingly politically isolated, with the latest signal coming from the Chinese People’s Political Consultative Conference (CPPCC). CPPCC is an elite group of government officials and industry heavyweights.
The businessman has been a member of the CPPCC since 2008 and a member of the Elite 300 Standing Committee since 2013. But he was told not to attend last year’s annual convention as his fortune empire became the biggest casualty of the country’s credit crisis. sydney morning heraldNot only that, but he has been removed from the latest list of individuals that will make up the CPPCC for the next five years.
“CPPCC’s role is like a prestigious reward that China gives to loyal businessmen who have served the country. That’s no surprise, said Willie Lam, an adjunct professor at the Chinese University of Hong Kong and the author of several books on Chinese politics. Bloomberg.
“2023 will be an important year for Evergrande Group to fulfill its corporate obligations and deliver projects in every way possible,” said the real estate mogul, citing the Hong Kong-based newspaper South China Morning Post (SCMP). ) said in a New Year’s message I saw.
“If we all work together and never give up on building, selling and resuming operations, we can fulfill our delivery mission, pay off various debts, remove risk and begin a new chapter in our survival.” I believe,” he said.
The Bloomberg Billionaires Index also showed that China’s five richest property tycoons have collectively lost about $65 billion over the past two years.
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