According to the Bloomberg Billionaires Index , the assets of Mr. Xu Ka-yin, founder of Chinese real estate group Evergrande, are now only 979 million USD. The reason is that the company's shares have fallen 86% since trading resumed at the end of August.
His assets are attracting special attention from creditors as they seek to limit losses from one of China's biggest bankruptcies.
The Evergrande chairman was China’s second-richest man in 2017, with a fortune of $42 billion. His fortune has since fallen by 98%. He is also under investigation by Chinese authorities for suspected illegal activities.
The assets of the founder of Chinese real estate group Evergrande are now only 979 million USD (Photo: Forbes).
He had to sell his company shares and personal assets, including artwork and calligraphy, when the Chinese government refused to bail out Evergrande. Last year, he is said to have sold another villa worth more than $200 million in London (UK).
Once China's top real estate developer, Evergrande is now known as the world's most indebted company, with debts of more than $300 billion.
The investigation into its chairman has further complicated Evergrande’s restructuring plans. If it fails to restructure its debt, Evergrande may be forced to liquidate its assets. A Hong Kong court will make a decision on the matter on October 30.
If the sale order is carried out, the authorities will convert Evergrande's assets into cash for the benefit of all creditors, according to Jonathan Leitch, a specialist at law firm Hogan Lovells.
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