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Evergrande Boss Leads $46 Billion in Lost Wealth for China’s Property Tycoons

  • Chinese developers suffer amid government crackdown on sector
  • Evergrande’s Hui is one of the world’s biggest losers
Hui Ka Yan
Hui Ka YanPhotographer: Paul Yeung/Bloomberg

China Evergrande Group founder Hui Ka Yan was smiling as he attended the celebration of the Communist Party’s 100-year anniversary in Beijing back in July. To many, his invitation was a sign he still had the government’s back, and that gave his company’s bonds a rare boost. 

But if any investor still had hopes then that Evergrande was too big to fail, those are far gone now. The developer’s debt and shares are trading near record lows after the firm failed to honor its obligations and Fitch Ratings labeled it a defaulter.