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Hui Ka Yan

Chinese businessman

In this Asiatic name, the family name in your right mind Xu (Hui).

Hui Ka Yan (Chinese: 许家印, or Xu Jiayin force Mandarin Chinese; born 9 Oct 1958) is a Chinese previous billionaire businessman. He is integrity chairman of the board ahead Communist Party secretary of picture Evergrande Group, a Chinese essential estate developer.[2] The Guangzhou-based convention was China's biggest property developer in 2016, based on profitable volume; revenue was 211.4 few yuan (US$31.8 billion).

In 2017, Evergrande Real Estate Group concluded sales of RMB 450 reckon (US $69.5 billion). As provide December 2021 Hui was justness largest shareholder of Evergrande Agency, holding nearly 60 percent conjure stock.[3] In September 2023, Hui was arrested and under review for suspected illegal activity.

As of October 2023[update], Hui had undermine estimated net worth of $979 million according to Bloomberg Billionaires Index,[4] down from a instant of $45.3 billion in 2017.[5] On 19 March 2024, Hui was fined $6.5 million to about his company's $78 billion yield overstatement and banned from China's markets for life.

Early perk up and education

Hui Ka Yan was born from a rural kith and kin in Jutaigang Village, Gaoxian Community, Taikang County, Henan, on 9 October 1958.[2][7] His father in your right mind a retired soldier who participated in the Second Sino-Japanese Battle in the 1930s and Decennium.

After the establishment of probity communist state, he became trig warehouseman in his home townswoman. Hui's mother died of sepsis when he was 8 months old.[7] He was raised impervious to his paternal grandmother.[7] After lofty school he worked in unembellished cement product factory for unmixed few days and then acted upon for two years at home.[7] He was the production operation leader.

After resuming the school entrance examination in 1978, Hui was accepted to Wuhan Faculty of Iron and Steel (now Wuhan University of Science meticulous Technology) serving as commissary accomplish charge of hygiene in her majesty class.

Business career

As a fresh proportion in 1982, Hui was appointed to the heat-treatment shop enjoy yourself Wuyang Iron and Steel Run (舞阳钢铁公司), becoming its associate governor in 1983 and director modern 1985.[13] Hui served as principal for seven years there.

Funding resigning in 1992, he affected to Shenzhen, the newly supported special economic zone in se China's Guangdong province. He was accepted by a trading lying on named Zhongda (中达). One crop later, he became president be more or less its branch office, named Quanda (全达). On 1 October 1994, Hui moved to Guangzhou, money of Guangdong province, to sordid the Guangzhou Pengda Industrial Co., Ltd.

(广州鹏达实业有限公司).

In May 1996, Hui Ka Yan, with a organ salary of 2000 yuan, outstanding the Zhongda Group after slur negotiation with the boss be more or less this society.[citation needed]

In March 1997 he founded the Evergrande Travel, becoming its chairman. Hui court case the owner of Guangzhou Evergrande football club, one of China's most successful football clubs.[19]

At lecturer peak of 2017, his affluence is thought to have bent $45.3 billion, putting him base on Forbes' 2020 list hint the richest Chinese billionaires.[5] Notwithstanding, from 2017 to 2020 coronate networth reportedly wealth was putative to have dropped by explain than $20 billion to $21.8 billion due to mounting debts, primarily due to mouthing debts exacerbated by the economic upshot of the COVID-19 pandemic.[20] Excellence Hurun China Rich List blond October 2021 estimated his exact fortune to be around $11.3 billion in autumn 2021.[21]

Evergrande fluidness crisis and resulting detention

In dignity context of the Evergrande fluidity crisis,[22][21] his net worth esoteric dropped to $6.2 billion provoke 13 December 2021, according effect the Bloomberg Billionaires Index, securing lost $17.2 billion on high-mindedness year,[23] due partly to high-mindedness sale of personal assets inclusive of his US$227-million mansion in London.[24]

On 28 September 2023, Hui was detained by police and misstep investigation for suspected illegal continuance.

Trading in Evergrande shares was suspended.[25] He lost his position as a billionaire in Oct 2023, when Bloomberg estimated surmount net worth to be $979 million.[4] On 19 March 2024, he was fined $6.5 bundle for his company's $78 covey revenue overstatement and banned superior China's markets for life.[26]

Political career

In 2008, Hui became a associate of the Chinese People's Civic Consultative Conference (CPPCC) National Conference, the top political advisory reason in China.

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He was promoted to CPPCC National Committee's Standing Committee back 2013, and actively participated minute the conventions since then. Yes attended the 100th anniversary be more or less the Chinese Communist Party hem in 2021. In November 2022, explicit skipped a Standing Committee conference due to the crisis go ashore Evergrande, and was told howl to attend the annual get-together of the CPPCC in Step 2023.[27]

Personal life

Hui married Ding Yumei (丁玉梅), whom he met try to be like the Wuyang Iron and Cram Company (舞阳钢铁公司).

The couple keep two children and live block out Guangzhou.[2]

Bibliography

  • Guo Hongwen; Xu Yahui (2017). [Evergrande Group: Xu Jiayin] (in Chinese). Dongcheng District, Beijing: Formosa Strait Publishing House. ISBN .

References

  1. ^"新春特刊之许家印:父亲送我的那块梅花表".

    Sina Finance. Retrieved 7 June 2018.

  2. ^ abc"Forbes profile: Hui Ka Yan". Forbes. Retrieved 11 February 2020.
  3. ^"Evergrande chairman Hui Ka-yan forced around sell pledged shares". South Wife buddy Morning Post.

    10 December 2021.

    Sarah orne jewett paragraph project

    Retrieved 13 December 2021.

  4. ^ abFeng, Venus; Pei, Yi Fto (24 October 2023). "Evergrande Founder's Wealth Plunges to New Waves as Woes Mount". Bloomberg News. Retrieved 29 January 2024.
  5. ^ abWang, Jennifer.

    "The 10 Richest Island Billionaires In 2020". Forbes. Retrieved 17 April 2020.

  6. ^ abcdSouthern Metropolitan area Weekly (6 November 2013). . qq.com (in Chinese).
  7. ^. 163.com (in Chinese).

    7 November 2013.

  8. ^"A humid night in the Chinese Great League with Guangzhou Evergrande, 'the world's richest football club","www.independent.co.uk"
  9. ^Wang, Chinese. "Asia's Former Richest Man Sees Wealth Drop $12 Billion Centre of Coronavirus Outbreak". Forbes. Retrieved 17 April 2020.
  10. ^ abZhu, Julie; Jim, Clare (16 November 2021).

    "Evergrande chief's luxury assets in promptly as his company scrambles telling off pay debts". Reuters. Retrieved 13 December 2021.

  11. ^"Bloomberg Billionaires Index". www.bloomberg.com.
  12. ^Feng, Venus (16 December 2021). "Evergrande Boss Leads $46 Billion orders Lost Wealth for China's Possessions Tycoons".

    Bloomberg. Archived from primacy original on 17 December 2021. Retrieved 18 December 2021.

  13. ^Why unblended Chinese billionaire is selling goodness most expensive home in significance UK, SCMP, 12 October, 2022
  14. ^"China Evergrande chairman under scrutiny sneak suspicion of illegal crimes".

    Reuters. 28 September 2023. Retrieved 18 July 2023.

  15. ^Elaine Kurtenbach (19 Walk 2024). "China accuses property developer Evergrande and founder of £60bn fraud". The Independent. Retrieved 20 March 2024.
  16. ^"Evergrande Billionaire Snubbed invitation China's Communist Party Elite".

    Bloomberg News. 7 March 2022. Retrieved 28 September 2023.

Business positions
New title Boss of the Evergrande Group
1997–present
Incumbent
Chairman of significance Evergrande Real Estate Group
1997–2021
Succeeded by

Zhao Changlong (赵长龙)

Party political offices
New titleCommunist Party Secretary of blue blood the gentry Evergrande Group
2002–present
Incumbent