Xu Jiayin, the founder of China Real Estate Enterprise Evergrande Group, has fallen to a new low.
Bloomberg reported that according to the Bloomberg billionaire index statistics, Xu Jiayin's net assets have fallen to $ 979 million (about S $ 1.338 billion).Hengda shares, who have a debt, currently trades only 0.24 Hong Kong dollars (about S $ 0.04) per share.Since the resumption of trading at the end of August, Evergrande's stock price has fallen by 86%.
According to the Bloomberg Wealth Index, Xu Jiayin was once the second richest man in Asia. At its peak in 2017, his net worth was 42 billion US dollars.But since then, his wealth has plummeted 98%.
It is reported that the test later this month may almost exhaust the property of Xu Jiayin.Evergrande, the heaviest real estate developer in global debt, will sign a hearing in the Hong Kong court on October 30.
Jonathan Leitch, a partner of Hawking Luwei Law Firm, said that if the court issued a liquidation order, the designated liquidator would convert Evergrande's assets into cash to protect the interests of all creditors.
Leiqi also said that creditors may eventually have the company, and shareholders will withdraw.But Reich pointed out that if Xu Jiayin stayed in the company to complete the reorganization, he might keep him retaining some equity as the cause.
Evergrande announced that Xu Jiayin had been adopted by Chinese officials at the end of September.
