How Evergrande's Rags-to-Riches Founder Is Trying to Save His Empire

Summary:

Founder/Chairman Hui Ka Yan is scrambling to sell-off assets as Evergrande struggles meeting repayments on its $300B debt load.
Born into poverty (1958), Hui worked for a steel company before entering real estate in 1992.
Evergrande rode the rise in China’s real estate sector to acquire land 5x the size of Manhattan, pushing Hui’s net worth to $42B (2017).
China’s regulatory crackdown on corporate borrowing has forced Evergrande to sell subsidiaries to stay solvent.
A bailout is unlikely given China’s promotion of collective prosperity.

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