Evergrande Billionaire Snubbed by China’s Communist Party Elite
- Hui Ka Yan was told not to attend CPPCC gathering, people say
- Signals he is falling out of favor as restructuring looms
Hui Ka Yan
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
China Evergrande Group’s billionaire founder was denied access to a key political meeting this week, the latest sign that he is losing favor with the Communist Party as his property empire heads toward a government-driven restructuring.
Hui Ka Yan was told not to attend the annual convention of the Chinese People’s Political Consultative Conference, or CPPCC, people with knowledge of the matter said. As a result, he requested personal leave from the week-long meeting as Evergrande tries to defuse operational risks.