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Evergrande Tycoon Loses $20 Billion as Investors Revolt

  • Hui Ka Yan’s net worth has tumbled by half from peak
  • Company says it’s paring debt, defends use of discounts
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WATCH: Concerns about the health of China Evergrande Group have pushed its stock to close at the lowest since March of 2020. (Source: Bloomberg)
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Just eight months after celebrating a narrow escape from financial disaster, Chinese billionaire Hui Ka Yan finds himself back in crisis-fighting mode.

Resurgent concerns about the health of China Evergrande Group, Hui’s flagship property company, have pushed its stock to within a hair’s breadth of the lowest level since March 2020. Bondholders are rushing for the exit too, spooked by missed payments at the developer’s affiliates and a report that regulators are probing Evergrande’s ties to an obscure bank in northern China.