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China Evergrande Founder Pledges $1.1 Billion Personal Assets to Prevent Default, Sells Private Jets & Luxury Properties

19th November 2021 | Hong Kong

China Evergrande founder Hui Ya Kun, has been pledging and selling $1.1 billion of his personal & company assets including 2 Gulfstream private jets, 2 Hong Kong luxury properties and personal investment portfolio to prevent a default of interest payment of its $300 billion debt.  The 2 Gulfstream private jets were sold to American investors, one to Earth Air for $40 million and another one to Aviation Sales Associates for $15 million.   China Evergrande is founded in 1996 by Hui Ka Yan (Xu Jiayin).  In 2009, China Evergrande went public in Hong Kong.  At one point, Hui Ka Yan had a personal fortune of more than $30 billion.  In 2021, his personal fortune is estimated at around $7 billion to $11 billion.

“ China Evergrande Founder Pledges $1.1 Billion Personal Assets to Prevent Default, Sells Private Jet & Luxury Properties “

 


China Evergrande

Private Jet 2
Private Jet for Billionaires, UHNWs

China Evergrande is one of the largest property conglomerate in China with more than 1,300 real estate projects & 200,000 employees and business interests in electric cars, healthcare, consumer products etc, and has more than $300 billion of outstanding debts.  China Evergrande is suffering from severe cashflow and little working capital, due to significant decline in property sales and obligations on interest payments. 

Should China Evergrande defaults, the banking industry may start to face a loan write-down or lengthy recovery on their loans to China Evergrande, suppliers will receive an uncertain recovery, and homebuyers and investors will face uncertainties on their property purchase and investments. 

 

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