Hui Ka Yan is the founder of China Evergrande Group. Evergrande Group is currently the epicentre of the world’s second-most populous country’s property crisis. The same has been kept under the control of the Police. It’s predicted that the company might have stepped into a new phase that involves the criminal justice system.
This situation has aroused questions about the future of China’s Evergrande Group. China Evergrande Group is the world’s most indebted developer. Various restructuring plans were in process to check the financial markets. Thus, the risk of liquidation is currently high. Hui Ka Yan is a 64-year-old billionaire who has a lot of questions cast on him.
About Evergrande Real Estate Group Ltd
— CNBC-TV18 (@CNBCTV18Live) September 27, 2023
Evergrande Real Estate Group Ltd is a Chinese film founded by Xu Jiayin or Hui Ka Yan in 1996. This company is a property developer. The size of the company is the second largest in its country in terms of sales.
Evergrande Real Estate Group Ltd is headquartered in the Houhai Financial Center in Nanshan District, Shenzhen, Guangdong Province, China. Currently, this firm holds more than $300 billion in liabilities making it the world’s most indebted developer.
The Rise and Fall of Hui Ka Yan
Hui Ka Yan was born to a rural family in Jutaigang Village, Henan. His mother passed away of sepsis when he was 8 months old and his father is a retired soldier.
Post his studies in high school, he was engaged in a cement product factory and then after graduation, he became the associate director of an Iron and Steel Company in 1983 and then a director in 1985.
Later he got the designation of president of Quanda. In 1997 March, he founded Evergrande Group and became the chairman.
What Exactly Happened?
Hui Ka Yan was captured by Chinese Cops at the beginning of September. He was monitored minutely under residential surveillance at a designated location. As per Bloomberg, this type of monitoring is a type of police action that is not the formal way of arrest or detention.
It is not clear where exactly is Hui Ka Yam right now. As per the Criminal Procedure Law of China, Hui will not be able to leave the location or meet or communicate with anyone. However, he would need approval for the same. The process can not exceed 6 months. In this process, identification cards and Passports are also under Police capture.
How Much is Hui Ka Yan’s Net Worth Now?
As of September 2023, Hui has a total net worth of $1.7 billion. As per the Bloomberg Billionaires Index, in July 2020 Hui’s net worth was $39.8 billion. Thus there has been a fall of 96% in the last three years. The main source of his income is from his stake in Evergrande.
|Name||Hui Ka Yam|
|Other names||Xu Jiayin|
|Born||9 October 1958|
|Founder of||Evergrande Real Estate Group Ltd|
|Net Worth||$1.7 billion|