China Urged Evergrande’s Hui to Find Quick Fix for Debt Woes
- Billionaire Hui met with top financial regulator in late June
- Evergrande bonds, shares have been tumbling in recent weeks
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When China Evergrande Group founder Hui Ka Yan appeared at the Communist Party’s 100th anniversary celebration in Tiananmen Square on July 1, investors cheered at the implication that the embattled property tycoon still enjoyed favor in Beijing.
Behind the scenes, the message Hui received from China’s top financial regulator was far more sobering. In a meeting at the nation’s capital shortly before the July 1 festivities, officials at the Financial Stability and Development Committee urged Hui to solve his company’s debt problems as quickly as possible, people familiar with the matter said.