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evergrande: How Evergrande’s Hui Ka Yan blew up a USD43 billion fortune

Written by News Sateek

China Evergrande Center sign seen in front of their building

Summary

Backed by easy money, China was going through a housing boom in 2017. The rising price of Evergrande’s stock propelled Hui Ko from No. 10 to No. 1 on the Hurun China Rich List. He appeared so confident of the market potential that Evergrande continued to borrow vast amounts of money to expand his business. This would be the group’s undo.

Guo Yingze, with the benefit of past vision, the year 2017 could be the beginning of the end of China Evergrande Group, the property empire of entrepreneur Hui Ka Yan whose financial crisis and imminent impact is rocking global markets. Hui, also known as Xu Jiayin, was on a roll and appeared indomitable, but corporate history is littered with examples of how pride leads to slavery. On paper Evergrande was booming. its advantage

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News Sateek

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