Evergrande founder Hui Ka Yan amassed billions in dividends before crisis

When Hui Ka Yan was cruising the world in a private jet, splurging on mansions and jewelry at the peak of China’s Gilded Age, his extravagant lifestyle barely stood out among the country’s burgeoning billionaire set.

The question of where Hui’s personal wealth has flowed may now factor into whether his company has the ability to keep paying debts in the near term. He wouldn’t be the first Chinese property tycoon to provide his firm with much-needed funding: Guangzhou R&F Properties' stock surged last month after major shareholders pledged US$1 billion in financing.

In 2014, he bought a US$30 million mansion in Sydney using a string of cascading shell companies, one of which was named Golden Fast Foods Pty. Australia later forced him to sell the property because the deal violated foreign investment rules.The Evergrande founder is the latest big-spending tycoon to face heightened scrutiny from Beijing as President Xi Jinping tries to shift the country toward the goal of “common prosperity".

As his influence grew, Hui ensured his business priorities aligned with those of China’s Communist Party. He was a member of the Political Consultative Committee, which helps advise the government on policy, and has touted that his company created millions of jobs and paid billions of yuan in taxes.

哇，濫用公款？

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