The wealth of Chinese Billionaire and Evergrande Group Chairman Hui Ka Yan has reduced by 93%. According to the latest data from the Bloomberg Billionaire Index, Hui Ka Yan’s wealth has declined from $42 billion to just $3 billion. That is, he has lost 93% of his net worth i.e. $39 billion.

Hui Ka Yan was the second richest person in China in 2020
Evergrande Group is considered to be one of the largest real estate developers in China. Hui Ka Yan is also the founder and chairman of China Evergrande New Energy Vehicle Group. He is considered one of the most successful and influential real estate tycoons in China. He was also listed as the second richest person in China in 2020 by Forbes.

Faced with many financial challenges in the last few years, Hui Ka Yan is also the founder of Evergrande Group. He himself has been leading this company for years. However, Hui Ka Yan has faced several financial challenges over the years. His company has also incurred huge debt and due to low sales in the Chinese real estate market, the cash flow of the company has also been affected.

Yan sold some of his houses and private jets to repay the loan.
In 2019, the company was struggling to service debt and was also at risk of defaulting on its loans. To address these issues, the company raised funds by selling its assets and equity. Also implemented cost-cutting measures. At one point, Hui Ka Yan had to sell some of his homes and even private jets to save the company from serious debt.

The vehicle’s company is also facing regulatory issues
Apart from this, the company is also facing regulatory issues. In 2019, China’s National Development and Reform Commission (NDRC) ordered the company to sell more than $20 billion in assets to reduce its debt burden and improve its financial condition. The company also faces an investigation by the China Securities Regulatory Commission (CSRC) over its financial statements, which has raised concerns among investors.

Reduced debt, also improved the company’s cash flow
However, in 2021 the company has reported a strong financial performance. The company has also said that it has reduced its debt and its cash flow has also improved. Due to this, the share price of the company has increased and it has also brought back some confidence of the investors.

What did Hui Ka Yan say about the company’s survival in 2023?
Now 2023 is going to prove to be the most important for the survival of the company. To this, Hui Ka Yan said, ‘I believe we can fulfill our mission of delivery, repay many debts and eliminate risks. We can start a new chapter on the survival of the company. As long as we all are working together and never give up on restarting our construction, sales and operations.

China’s 5 richest property tycoons also lost $65 billion in 2 years
Not just Hui, China’s 5 richest property tycoons have collectively lost more than $65 billion in the past two years since the pandemic began.