A brutal 12 months for Evergrande is going from bad to worse as the highly indebted property group’s billionaire chair and its investors contend with financing woes, credit downgrades and a U-turn on an expected payout.
Shares in Evergrande tumbled 12 per cent on Tuesday in Hong Kong after the group, which has almost Rmb2tn ($309bn) of liabilities, announced it would cancel a planned special dividend.
That marked the latest blow for Hui Ka Yan, who was once China’s richest person, thanks to Evergrande’s role in China’s sweeping waves of urbanisation. His personal fortune, which stood at $34bn last July, has taken a substantial hit following a 72 per cent plunge in the developer’s share price over the past year.
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