Evergrande’s Hui Forced to Trim Stake in Defaulted Developer
Filings show forced sale of pledged shares by founder
Fitch cut Evergrande to restricted default on Thursday
Hui Ka Yan was once China’s second-richest person, worth $42 billion at his peak in 2017.
Now, the China Evergrande Group founder and chairman is scrambling to keep his embattled property developer afloat, including by tapping his own fortune. That took a blow this week, after he was forced to sell pledged shares in his company.