Evergrande
How Evergrande's Rags-to-Riches Founder Is Trying to Save His Empire
- Billionaire rose from poverty to be one of China’s richest
- Company is struggling to find cash to repay its debts
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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. This time, with $305 billion in liabilities and the company’s asset prices plunging, Hui appears more alone than ever.