Debt made you poor! Chinese billionaire sold ship bungalows, 90% of his wealth decreased, yet the debt has not been repaid
Chinese industrialist Hui Ka Yan’s net worth was about $ 42 billion in 2017, which has come down to just $ 3 billion. His company is the most debt-ridden developer in China.
Highlights
- Hui Ka Yan’s wealth decreased by 93 percent in 5 years to $ 39 billion i.e. Rs 3.12 lakh crore.
- To save the company and repay the loan, Hui Ka Yan put his personal wealth at stake.
- In 2020, the company’s sales were more than $ 100 billion. There are more than 1,300 projects in 280 cities.
New Delhi. The few years have not been good for many billionaire businessmen in China including Jack Ma. During this time the property of many people decreased rapidly. The same happened with Hui Ka Yan, chairman of China’s real estate company China Evergrand. According to the Bloomberg Billionaire Index, Hui Ka Yan’s wealth decreased by 93 percent in 5 years to $ 39 billion i.e. Rs 3.12 lakh crore.
Chinese industrialist Hui Ka Yan’s net worth was about $ 42 billion in 2017, which has come down to just $ 3 billion. Evergrande will have to repay the loan of 300 billion dollars. Along with this, it is the most debt-ridden developer in China.
Hui, also known as Xu Jiayin in Mandarin, sold personal property to pay off debts. He also put his personal property at stake to save the company and repay the loan and also sold his house and private jets. However, again the loan could not be repaid.
Evergrande defaulted on its US dollar bonds in December 2021 after months of struggling to pay back creditors, suppliers, and investors. Evergrande is a big company in China and has around 2,00,000 employees. In 2020, the company’s sales were more than $ 100 billion. It has more than 1,300 projects in 280 cities.
If Evergrande
sinks, there will be a big threat to the property market Seeing the condition of Evergrande, analysts are afraid that the sinking of this company can pose a big threat to the property market of China. This will shock homebuyers and the financial system. Because in China, real estate and its related industries have a share of up to 30 percent of the GDP.
However, it is not that Hui Yan alone has decreased in wealth. According to Bloomberg, last month Tesla and Twitter CEO Elon Musk became the first person whose wealth has seen a decrease of $ 200 billion.
