Hui Ka Yan, the founder and chairman of embattled Chinese property developer Evergrande, was once Asia’s second-richest person worth $42 billion in 2017. But the tycoon has fallen far from his perch.
Hui — who is now under police surveillance — recently lost his billionaire status after his fortune plunged 98% from its peak amid a debt crisis, according to the Bloomberg Billionaire’s Index on Wednesday.
Currently worth $979 million, Hui’s net worth followed a dive in the share price of Evergrande amid a real-estate sector meltdown in China. It’s unclear how much of Hui’s wealth is derived from his stake in Evergrande, but the 65-year-old holds a 60% stake in the company and is Evergrande’s largest shareholder.
www.businessinsider.com/china-evergrande-founder-no-longer-billionaire-real-estate-crisis-2023-10