Hui Ka Yan, the founder, and leader of real estate developer, China Evergrande Group. In recent years, he interacting with many financial challenges as he lost 93 percent of his wealth. Hui Ka Yan is a well-known Chinese billionaire businessman. He is the chairman of China Evergrande Group. He is also a founder and Chairman of China Evergrande New Energy Vehicle Group. In China, he is considered one of the dominant and influential real estate tycoons. In 2020, he was listed as China’s second richest man by Forbes.
Bloomberg Billionaire Index
Things have changed quite but not in favor of Hui Ka Yan. According to the numbers of the Bloomberg Billionaire Index, his wealth goes down very far from $42 billion to $3 billion which means he has lost around 93 percent of his wealth.
Hui Ka Yan’s company China Evergrande Group has a large amount of debt. His company can’t able to pay debts because the company’s cash can’t able to do so which is affected by slowing sales in the Chinese real estate market.
2019: Mr. Hui sold his assets
In 2019, Hui Ka Yan give his best to pay debt payments. To solve these issues, the company has needed to raise funds through asset sales and equity offerings. Hui sold some of his houses and private jets to save the company but that was not enough.
NDRC’ Order
In 2019, NDRC ordered the company to sell off its assets which are worth over $20 billion to ease its debt load and able to improve the company’s financial situation. The company’s investor has been concerned following an investigation faced Company by CSRC over the company’s financial statement.
2021: The Company was once resettled
In 2021, the company reported its strong and dominant financial performance, which helped the company to reduce its debt, and its cash flow improved. the company was able to regain the trust of its investors after the stock price of the company has increased.
2023: Company fall down to debt
Mr. Hui named 2023 as the company’s most crucial year.
I believe we can complete our mission of delivery, repay various debts, eliminate the risks, and start a new chapter on survival as long as all of our work together. We will never give up on resuming our construction, sales, as well as operations.”
Hui Ka Yan-while delivering a New Year message
More tycoons are likely to collapse
Hui is not only billionaire in China who is in debts. But China’s several richest tycoons have also collectively lost over $65 billion ever since the pandemic.
