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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

Hui Ka Yan

Photographer: Paul Yeung/Bloomberg
Updated on

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.