Evergrande founder sold $1.1 billion of his real estate and art collection to pay off the company's
The developer's total loan debt exceeds $300 billion.
● The founder of the Chinese Evergrande, Hui Ka Yan, paid off $1.1 billion of the company's debts from his own funds, China Business News reported, citing sources close to him. According to Forbes, Hui Ka Yan's fortune is $11.5 billion.
● The billionaire began selling and pledging assets in early July, the newspaper said. A Reuters source clarified that the CEO sold art and calligraphy from his collection and mortgaged three luxury properties.
● The company also sold its stake in streaming company HengTen Network Group for €241 million, with a loss of €963 million. In October, Evergrande sold two private jets to the company for $50 million.
● Evergrande is a Chinese developer with the largest total debt in the world, more than $300 billion. In September 2021, the company promised to pay interest on bonds of $83.5 million, but was late. After that, the Chinese authorities demanded that the founder of the company pay off the debts out of his own pocket.
Joseph Marc Blumenthal compares the situation with a Chinese company to the start of the 2008 global financial crisis.