Evergrande Chairman Buys $1 Billion of Its New Bond Issue

China Evergrande Group’s chairman bought $1 billion of its newly issued $1.8 billion notes in a sign of support to the firm.

Hui Ka Yan, chairman and chief executive officer of the Guangzhou-based firm, purchased $250 million of its 2022 notes and $250 million of 2023 ones, while his wholly-owned Xin Xin (BVI) Ltd. bought $250 million of 2022 and $250 million of 2023 bonds, according to statement to Hong Kong stock exchange on Wednesday.