HONG KONG, Sept 28 — Mingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1, 2021, a beaming Hui Ka Yan showed no signs that...
HONG KONG, Sept 28 — Mingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1, 2021, a beaming Hui Ka Yan showed no signs that his company, China Evergrande Group, was facing mounting pressure paying its debts.
Just two years later, Hui, who founded Evergrande in 1996 in the southern city of Guangzhou, is under investigation over suspected “illegal crimes”, the group said today, and his property empire is under growing risk of liquidation. Reuters reported on Tuesday that a major Evergrande offshore creditor group was planning to join a liquidation court petition filed against the developer if it does not submit a new debt revamp plan by the end of October.
In 2017, Hui was Asia’s richest man with a net worth of US$45.3 billion, according to Forbes. Today his net worth is estimated at US$3.2 billion. Outside mainland China, Hui mixed with Hong Kong tycoons. With them, he became a core member of the “poker club”, a tight-knit circle of tycoons who often did investment deals together, according to three people familiar with the club.
Hui’s debt-laden businesses worried regulators who had warned Evergrande to get its house in order amid fears of contagion.
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