Bloomberg Billionaires Index

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# 389 Hui Ka Yan $6.10B

Random fact: Owns professional soccer and volleyball teams in Guangzhou.

Overview

Hui is the chairman and largest shareholder of China Evergrande Group, a property developer that's built more than 1,300 projects in 280 Chinese cities. The Shenzhen-based company had revenue of 507 billion yuan ($73.6 billion) in 2020 before being declared in default in 2021 amid calls for a restructuring.

As of :
Last change No change
YTD change -$50.2M ( -0.8%)
Biggest asset Cash
Country / Region China
Age 63
Industry Real Estate
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Hui Ka Yan's net worth of $6.10B can buy ...

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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
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Confidence rating:

Hui's fortune is derived from a 66% stake in publicly traded China Evergrande Group, a property developer with revenue of 507 billion yuan ($73.6 billion) in 2020. The company has built more than 1,300 projects in 280 Chinese cities, according to its website.

Hui holds the shares through a British Virgin Islands entity, Xin Xin (BVI), and his wife, according to a Dec. 9, 2021 Hong Kong stock exchange filing. He's credited with his wife's shares to reflect his status as founder.

Evergrande Property Service spun off from its parent in December 2020 and Hui's credited with a stake in the unit based on the entitlement ratio.

The billionaire has received more than $7 billion in dividends since 2009, based on Bloomberg's calculations. The value of his cash investments reflects these proceeds as well as an analysis of insider transactions, taxes and market performance.

Guo Yunnan, an Evergrande spokeswoman, declined to comment on Hui's net worth.

Biography

Birthdate: 10/9/1958
Family: Married, 3 children
Education: Wuhan University of Science & Technology

Hui, also known as Xu Jiayin in Mandarin Chinese, was born into a veteran's family in Henan province in October 1958. After losing his mother when he was eight months old, Hui was raised by his grandmother, who sold homemade vinegar.

“About poverty, I know it very well,” Hui said in a 2018 speech. “In school, all I ate was sweet potato and steamed bread. I really hoped I could leave the village and eat better.”

After the end of Mao Zedong’s Cultural Revolution, Hui was one of China’s first college students at Wuhan University of Science and Technology. Upon graduation, he was assigned a job at a state-owned steel company, rising from technician to department head and eventually manager.

Encouraged by the prospect of late paramount leader Deng Xiaoping's economic reforms plan, Hui quit his job in 1992 and headed south to Shenzhen, China's first special economic zone, where he entered the real estate market. In 1996, Hui founded Evergrande and had early success developing property in Guangzhou, the capital city of southeastern Guangdong province.

Hui later built rapport with authorities by helping to head off a hostile takeover by China Vanke Co. in 2016. He then acquired land for a new headquarters in Shenzhen, and shifted core operations to the city.

The billionaire also holds an honorary doctorate degree from the University of West Alabama.

Milestones
  • 1958 Born to a poor family in central China's Henan province.
  • 1978 Enrolls at the Wuhan University of Science and Technology.
  • 1992 Quits his job as steel plant manager and moves to Shenzhen.
  • 1996 Founds Evergrande in Guangzhou with a handful of staff.
  • 1999 Evergrande becomes one of 10 largest developers in Guangzhou.
  • 2008 Becomes a delegate to Chinese government's top advisory body.
  • 2009 Hong King initial public offering for Evergrande.
  • 2010 Acquires a professional men's soccer team in China's top league.
  • 2011 Movie and music business started at Evergrande.
  • 2014 Alibaba buys half of Evergrande's soccer club for $192 million.