Investing
Evergrande Billionaire’s Supporters Rewarded for Buying Low
- Developer’s shares and bonds are rebounding as backers step in
- Evergrande’s deleveraging has fallen short of targets so far
The China Evergrande Centre, center, stands in Hong Kong.
Photographer: Chan Long Hei/BloombergThis article is for subscribers only.
Doubling down on China Evergrande Group is proving a lucrative strategy for some of the embattled property giant’s most loyal backers.
As bonds of billionaire Hui Ka Yan’s developer tumbled last week on concerns over its $120 billion debt pile, several existing investors and business associates stepped in to buy.