11/23/2021- 11:25 a.m.
Meet the Chinese billionaire bailing out Evergrande for $1 BILLION
Hui Ka Yan has tapped into his personal wealth and raised $1 billion for the deeply indebted property developer China Evergrande Group, according to state-affiliated news site Yicai.
Yan reportedly injected more than $1.1 billion in cash to help Evergrande improve liquidity and sustain day-to-day operations. His luxury properties in Hong Kong are already down as collateral, while his assets such as a superyacht and custom-VIP plane are in creditors’ sights.
The billionaire is believed to be under govt pressure to make good on Evergrande’s financial obligations, and avoid being held personally culpable. Forbes estimates that Hui still has a net worth of $10.7 billion.
