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Wealth

China Urges Evergrande’s Hui to Pay Debt With His Own Wealth

Updated on
  • Directive came after missed coupon payment deadline last month
  • Hui’s $7.8 billion net worth based on company stake, dividends
WATCH: Chinese authorities told the billionaire founder of Evergrande to use his personal wealth to alleviate the deepening debt crisis. John Liu reports. 

Chinese authorities told billionaire Hui Ka Yan to use his personal wealth to alleviate China Evergrande Group’s deepening debt crisis, according to people familiar with the matter.

Beijing’s directive to the Evergrande founder came after his company missed an initial Sept. 23 deadline for a coupon payment on a dollar bond, said the people, asking not to be identified discussing a private matter. Local governments across China are monitoring Evergrande’s bank accounts to ensure company cash is used to complete unfinished housing projects and not diverted to pay creditors, the people said.