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.
"There’s no interest to bail him out,” said Desmond Shum, whose book about his dealings with China’s political elites, "Red Roulette,” described how he once went shopping with Hui for a superyacht. "In the situation he’s in now, I don’t think any political connections will come to his rescue.”