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With them, he became a core member of the “poker club”, a tight-knit circle of tycoons who played cards and who often did investment deals together, according to three people familiar with the club. Outside mainland China, Hui mixed with Hong Kong tycoons including New World Development’s late founder, Cheng Yu Tung, and Chinese Estates Holdings’ former chairman, Joseph Lau. He dabbled in electric cars and soccer, both a passion of Chinese President Xi Jinping. Hui did not shy away from new ventures, especially in support of China’s larger goals. When questioned by investors and reporters in the past decade about his highly leveraged projects, Hui said that Evergrande’s high turnover and asset value were sufficient to cover its debts. Hui keeps a low public profile and is a workaholic who at times demands that others follow his work style, three employees told Reuters. Today his net worth is estimated at $13.4 billion. In 2017, Hui was Asia’s richest man with a net worth of $45.3 billion (€38 billion), according to Forbes. Evergrande grew to 700 billion yuan in annual sales by 2020. Under Hui, the property developer expanded aggressively by raising loans to support its land buying sprees and selling homes at lower margins for quick turnover. The 62-year-old former steel technician, raised by his grandmother in a rural village in central Henan province, founded Evergrande in 1996 in southern Guangzhou city and built his fortune on the back of low-priced homes. He has not made any public appearance since the party centenary on July 1, although recent photos on the company website show him in various internal meetings, vowing to deliver homes to buyers and repay people who invested in the group’s wealth management products. In a September letter, Hui expressed appreciation for the hard work of employees and said Evergrande will deliver property projects as pledged, and fulfil responsibilities to property buyers, investors, partners and financial institutions. Hui, wearing a navy-blue suit and open-neck shirt, looked relaxed as he stood on a podium overlooking the festivities in Tiananmen Square, an invitation many considered a show of support for the billionaire businessman.Ī month earlier, the Evergrande group chairman had hosted a rare meeting with more than 1,000 suppliers and was once again flanked by the business elite as he spoke of his deleveraging goals.īut now Hui’s highly leveraged business strategy is unravelling.Įvergrande missed a deadline this week to make an interest payment on a dollar bond, moving closingīeijing’s tightening of the rules around debt and speculation in the property sector have tipped Evergrande into a liquidity crisis and with liabilities equivalent to around 1.97 trillion yuan (€260 billion) – roughly the size of Finland’s GDP – markets are on tenterhooks about contagion risk.Įvergrande missed a dollar bond interest payment deadline this week, moving closing to a potential default.Įvergrande and Hui did not respond to requests for comment. Mingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1st, a beaming Hui Ka Yan showed no signs that his company, China Evergrande, was facing mounting pressure with debt repayments.