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. This time, with $305 billion in liabilities and the company’s asset prices plunging, Hui appears more alone than ever. “Everything in Evergrande, it’s from the party, the country, and society,” Hui said in a speech the same year. International ratings firms have repeatedly downgraded the company’s debt as concern grew the firm will default.

Source: Hindustan Times October 11, 2021 09:45 UTC