Meet Hui Ka Yan, the billionaire at the head of Evergrande, the massive Chinese property development company in danger of defaulting on $300 billion in loans

Matthew LohSep 27, 2021, 17:22 IST

Bobby Yip/Reuters

Hui Ka Yan is the founder and chairman of property giant Evergrande.
He was born in a rural village and worked in the steel industry before founding Evergrande in 1997.
While his company is now $300 billion in debt, Hui has made $5.3 billion in dividends over the last four years.

Evergrande, China's second biggest property developer, is $300 billion in debt - the largest amount of debt of any company in the world.

An Evergrande housing complex. STR/ Getty images

Hui Ka Yan was worth $27.7 billion in March, though he's lost a substantial amount of that wealth since.

China Evergrande Group Chairman of the Board Hui Ka-yan attends China Evergrande Group 2016 Annual Results at Island Shangri-La, Hong Kong in Admiralty. Xiaomei Chen/South China Morning Post via Getty Images

He grew up in a rural village in the Chinese province of Henan and came from a working-class family.

Evergrande Group Chairman Hui Ka Yan (C) attends Evergrande New Energy Auto Global Strategic Partners Summit on November 12, 2019 in Guangzhou, Guangdong Province of China. VCG/VCG via Getty Images

Hui worked for 10 years at a steel factory in the 1980s, before founding Evergrande.

A worker monitors next to an oven during a government organised tour at a Tiangong International plant, makers of high quality steel and tools, in Zhenjiang in China's eastern Jiangsu province on October 12, 2020. HECTOR RETAMAL/AFP via Getty Images

In 2020, Evergrande drew in around $76 billion in revenue.

Workers walk in front of the Evergrande headquarters in Shenzhen, southeastern China on September 26, 2021. NOEL CELIS/AFP via Getty Images

In the same time frame, Hui grew his fortune by $30 billion, partially off dividends while his company became more indebted.

Hui Ka Yan, a member of the CPPCC National Committee and chairman of Evergrande Group, attends a press conference at the fifth session of the 12th CPPCC National Committee on March 9, 2017 in Beijing, China VCG/VCG via Getty Images

Hui diversified Evergrande, diving into soccer, bottled water, and an amusement park.

Guangzhou Evergrande FC playing its opponents in the AFC Champions League. Xinhua/Nikku via Getty Images

He wants to beat Tesla on the new-energy car market.

The Hengchi car launched by Evergrande in April. Costfoto/Barcroft Media via Getty Images

Hui's Evergrande group has been rebuked by Chinese officials, but he doesn't seem to be under fire at the moment.

Professor Hui Ka Yan (centre), Chairman of the Board, Evergrande Real Estate Group, attends the Company's interim results announcement 2015 press conference at Four Seasons Hotel Hong Kong, Central. Nora Tam/South China Morning Post via Getty Images

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