One Chinese billionaire, one of China’s wealthiest and most influential businessmen, saw his fortune drop by 93%. Huikayan, chairman of China’s Evergrande Group, once became Asia’s second richest man with assets of $42 billion. However, according to CNN’s report, his fortune has been reduced to $3 billion.
Evergrande is China’s most indebted developer with $300 billion in debt and has been at the center of China’s real estate troubles since 2021. To save his company, the billionaire eventually sold his house and private jet.
The company has approximately 200,000 employees, generated more than $110 billion in sales in 2020, and owns more than 1,300 developments in more than 280 cities, the publication added. According to CNN, the company also failed to deliver its preliminary debt restructuring plan last year, raising questions about its future.
Besides his diminishing fortunes, Mr. Hui is also finding himself increasingly isolated politically, with recent signals coming from the Chinese People’s Political Consultative Conference (CPPCC). The CPPCC is an elite group of government officials and some of the biggest names in the industry.
The entrepreneur has been a member of the CPPCC since 2008 and has been part of the Elite 300 Standing Committee since 2013. But he was told not to attend last year’s annual convention as his fortune empire suffered the most from the national credit crunch, Sydney reported. Morning Herald. Not only that, but he is now off the current list of individuals who will make up the CPPCC over the next five years.
“The CPPCC’s role is like China’s award of honor to stalwart entrepreneurs for their contributions to the country. Real estate tycoons like Hui, whose excessive debt has caused trouble in the real estate sector, are adjunct professors at the Chinese University of Hong Kong who have authored several books on Chinese politics. Willie Lam told Bloomberg.
“2023 is an important year for Evergrande Group to do its duty as a company and deliver on its projects in every possible way.
“I believe that as long as we all work together and never give up on building, selling and resuming operations, we can complete our delivery mission, pay off our various debts, eliminate our risks, and start a new chapter of our survival,” he said. said.
The Bloomberg Billionaire Index showed that even China’s five richest real estate tycoons have lost about $65 billion combined over the past two years.