China Evergrande's billionaire boss falls from circles of power to fraud plea

Hui Ka Yan, the once-celebrated founder of China Evergrande Group, has fallen from the pinnacle of power to a fraud plea, marking a dramatic end to an empire that reshaped China's property landscape. Mingling with the elite at the Chinese Communist Party's centenary celebrations in 2021, Hui projected an image of success, even as his company teetered on the brink of collapse.

His journey from a humble background to becoming Asia's richest man, with a net worth peaking at $45.3 billion, is a story of aggressive expansion fueled by loans and rapid sales. Evergrande's growth was meteoric, achieving 700 billion yuan in annual sales by 2020. Hui's ventures extended beyond property, dabbling in electric cars and soccer, aligning with national priorities.

However, the facade crumbled as Evergrande faced liquidation with over $300 billion in liabilities, a sum equivalent to Finland's GDP. Hui's plea of guilty to charges including fundraising fraud and bribery, after three years in detention, signifies a stark fall from grace. The collapse has cast a long shadow over China's property sector, a key engine of its economy, and sent ripples through the global investment community. The once-powerful businessman, known for his workaholic nature and ambitious targets, now faces the consequences of an empire built on high leverage.

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He was very composed when he was first brought to the club; he knowingly lost a lot of money in the games and gained the fondness of Cheng.