Hui Ka Yan's wealth dropped from $42 billion to$3 billion.
Hui Ka Yan is the embattled chairman of the Evergrande Group, one of China's biggest real estate developers that is under huge debt. He once had a net worth of $42 billion, which declined to $3 billion.
Here are five facts on Hui Ka Yan:
- The billionaire was born on October 9, 1958. According to Forbes, Hui Ka Yan worked as a technician in a steel factory for 10 years after graduating college in 1982.
- His father, a retired soldier, was part of the Chinese army during the Second Sino-Japanese War in the 1930s and 1940s.
- Forbes said that Hui started Evergrande in Guangzhou in 1996 and began picking up low price properties in small markets. Its first project was Jinbi Garden.
- Evergrande has over 800 projects in nearly 300 cities but is battling to repay $300 billion in liabilities.
- Hui's son Xu Zhijian holds an MBA from Tsinghua University and is a vice president at Evergrande. The Evergrande chairman is married to Ding Yumei, who he met while working at Wuyang Iron and Steel Company.
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