The company logo on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China. Picture: REUTERS/ALY SONG
As Evergrande struggles to meet obligations to creditors, suppliers and homeowners, authorities in Beijing are urging Hui to alleviate the crisis with his own wealth. The directive came after Evergrande missed an initial September 23 deadline for an interest payment on one of its dollar bonds, according to people familiar with the matter.
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 $1bn in financing.
Hui and his wife control 77% of Evergrande, most of it via a British Virgin Islands entity, Xin Xin Ltd, according to a filing this month to the Hong Kong stock exchange. In 2014, he bought a $30m mansion in Sydney using a string of cascading shell companies, one of which was named Golden Fast Foods. Australia later forced him to sell the property because the deal violated foreign investment rules.
As his influence grew, Hui ensured his business priorities aligned with those of China’s Communist Party. He’s 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. Forbes ranked him as China’s top philanthropist, and he was named one of the nation’s 100 outstanding entrepreneurs in 2018.
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