Evergrande Billionaire’s Empire of Debt Downsized by Beijing
- World’s most-indebted developer is now subject to debt limits
- Founder Hui Ka Yan has pledged to halve borrowing in two years
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Billionaire Hui Ka Yan is discovering how hard it is to kick one of the world’s biggest debt habits.
As the founder of China Evergrande Group races to deleverage his property empire, he’s coming under increasing scrutiny from lenders, regulators and investors. One sign of mounting stress: some Evergrande dollar bonds now trade at the lowest levels since the depths of a global market crash in March 2020.