(Bloomberg, New York) Xu Jiayin, the founder of Evergrande Group, the largest real estate company in China, has now fallen to a new low.
According to Bloomberg, Bloomberg Billionaire Index statistics show that Xu Jiayin's net assets have fallen to $ 979 million (about S $ 1.338 billion).
Since the resumption of trading at the end of August, Evergrande's stock price has fallen by 86%.As of Wednesday (October 25) closed, Evergrande Group's stock price was only HK $ 0.232 (about S $ 0.04).
Xu Jiayin was the second richest man in Asia. In 2017, his net worth reached 42 billion US dollars, but the current wealth has plummeted 98%.
Evergrande Group announced on September 28 that Xu Jiayin had been taken for mandatory measures for suspected illegal crimes.On October 30, the company with a debt will be asked to hold a hearing on the Hong Kong court on the Hong Kong court. Xu Jiayin may face the depletion of property.
Hawking Luwei Law Firm partner Jonathan Leitch 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.
Reich believes that the creditors may eventually have the company, and the shareholders will withdraw, but if Xu Jiayin stays in the company to complete the reorganization, he may keep him as an inducement.
