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How Evergrande’s Billionaire Founder Skirted Latest Crisis

  • Hui leans on suppliers, government support for waiver deal
  • Evergrande agreement averts potential $13 billion repayment
Bloomberg business news
China Evergrande Has Options to Avert Cash Crunch
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Hui Ka Yan, the rags to riches billionaire who runs China’s most indebted developer, skirted his latest crisis in much the same way he always has: with help from wealthy friends and a government fearful of financial instability.

Hui’s China Evergrande Group sealed a deal last week with a group of investors that waived their right to force a $13 billion repayment by the property firm, avoiding a potential default that would have sent shock waves across financial markets in China and beyond.