Evergrande Tycoon Loses $20 Billion as Investors Revolt
- Hui Ka Yan’s net worth has tumbled by half from peak
- Company says it’s paring debt, defends use of discounts
Just eight months after celebrating a narrow escape from financial disaster, Chinese billionaire Hui Ka Yan finds himself back in crisis-fighting mode.
Resurgent concerns about the health of China Evergrande Group, Hui’s flagship property company, have pushed its stock to within a hair’s breadth of the lowest level since March 2020. Bondholders are rushing for the exit too, spooked by missed payments at the developer’s affiliates and a report that regulators are probing Evergrande’s ties to an obscure bank in northern China.