Tycoon Who Helped Evergrande Has Debt Problems of His Own

Caixin Global | Oct 23, 2020 at 6:56 PM
  • — Hui Ka Yan built China Evergrande Group with support from a tight-knit group of fellow real estate billionaires with a fondness for poker.
  • The hit to the 57-year-old tycoon’s fortune is clear: He has lost more than 30% of his wealth this year and is now worth $5.1 billion.
  • In 2015, Alibaba Group Holding Ltd. invested $4.6 billion for a 20% stake in Suning, which in turn put more than $2 billion in the e-commerce giant, a stake later sold for a 14 billion yuan profit that Zhang used to expand.