By Clare Jim HONG KONG (Reuters) - Mingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1, 2021, a ...
By Clare Jim HONG KONG - 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 hisBy Clare Jim
Just two years later, Hui, who founded Evergrande in 1996 in the southern city of Guangzhou, is under police surveillance, Bloomberg News reported on Wednesday, and his property empire is under growing risk of liquidation. The company, which has been seeking creditor approval for an offshore debt restructuring plan, said on Sunday it was unable to issue new debt due to an investigation into its main China unit, further complicating its revamp proposal.
In 2017, Hui was Asia's richest man with a net worth of $45.3 billion, according to Forbes. Today his net worth is estimated at $3.2 billion.
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China Evergrande's billionaire boss goes from power circles to police surveillanceMingling 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. Hui, wearing a navy-blue suit and open-neck shirt, looked relaxed as he stood on a podium overlooking the festivities in Tiananmen Square, an invitation many considered an official show of support for the billionaire businessman. A month earlier, the Evergrande group chairman had hosted a rare meeting with more than 1,000 suppliers and was once again flanked by the business elite, as he spoke of his debt deleveraging goals.
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China Evergrande shares tumble for second day after unit misses bond paymentChina Evergrande Group shares slid for a second consecutive session on Tuesday, dropping as much as 8% after a unit of the embattled property developer missed an onshore bond repayment. Evergrande's main domestic unit, Hengda Real Estate Group, said in a Shenzhen stock exchange filing late on Monday it had failed to pay the principal and interest for a 4 billion yuan ($547 million) bond that was due by Sept. 25. The news comes after Evergrande said on the weekend that it was unable to issue new debt due to an ongoing investigation into Hengda, sending Evergrande's share price plunging 22% on Monday.
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China Evergrande shares tumble for second day after unit misses bond paymentHONG KONG (Reuters) - China Evergrande Group shares slid for a second consecutive session on Tuesday, dropping as much as 8% after a unit of the ...
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China Evergrande's Chairman Hui is under police surveillance(Reuters) -Hui Ka Yan, the chairman of China Evergrande Group, has been placed under police surveillance, Bloomberg News reported on Wednesday, citing ...
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Explainer-What's in store for China Evergrande with its chairman now under police watch?The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer's future as it also grapples with mounting prospects of liquidation. Evergrande is the world's most indebted property developer and has been at the centre of an unprecedented liquidity crisis in China's property sector, which accounts for roughly a quarter of the world's second-largest economy. Once China's top-selling developer, Evergrande's financial crisis became public in 2021 and since then it and a string of its peers have defaulted on their offshore debt obligations amid slowing home sales and fewer new avenues for fundraising.
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Explainer-What's in store for China Evergrande with its chairman now under police watch?By Scott Murdoch SYDNEY (Reuters) - The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on ...
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