China’s White Knight Tycoon Can’t Save His Own Firm From Default
- Sun Hongbin helped bail out other companies over the years
- Developer is latest to default during China’s property crisis
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Sun Hongbin, dubbed the “white knight” in China for bailing out fellow billionaires and their empires, was unable to rescue his own from the property crisis that’s engulfing the world’s second-biggest economy.
Though he dipped into his own pocket to the tune of $450 million, tapped investors to buy shares and raised more than $2 billion in all, it wasn’t enough for Sun to avoid default at his Sunac China Holdings Ltd.