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Billionaire loses over 90 percent of his fortune, sells villas and private jets to save company...

2023-01-20 18:20:48Biznes SHKRUAR NGA REDAKSIA VOX
Billionaire loses over 90 percent of his fortune, sells villas and private jets
Billionaire Hui Ka Yan

The last few years have not been successful for China's super-rich, the very people who built their fortunes in the once-hot real estate market. The Bloomberg Billionaires Index says the net worth of Hui Ka Yan, chairman of real estate developer China Evergrande, has fallen by nearly 93 percent.

Hui was once the second-richest person in Asia, but his wealth has fallen from $42 billion at its peak in 2017 to about $3 billion. His Evergrande company has about $300 billion in total liabilities, making it the world's most indebted real estate company.

This Chinese billionaire has used his personal wealth to prop up his struggling company by selling his homes and private jets. However, this was not enough and Evergrande stopped paying its US dollar bonds in December 2021 after months of trying to raise money to repay creditors, suppliers and investors, CNN writes.

Last year, the company failed to meet its preliminary debt restructuring plan, leading to further concerns about its future. Evergrande is a large company with around 200,000 employees.

Analysts have long worried that Evergrande's collapse could raise risks to China's real estate market and hurt homeowners and the broader financial system, as real estate and related industries account for up to 30 percent of China's GDP.

However, Hui is not the only person who has faced a large loss of wealth recently. Bloomberg reported last month that Elon Musk, CEO of Tesla, SpaceX and Twitter, became the first person to lose $200 billion in wealth.


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