Chinese authorities have told Evergrande's billionaire founder to use his own money to pay down the company's $300 billion debt, Bloomberg reports
- Beijing has instructed
Evergrande's founder, Hui Ka Yan, to pay the company's debt using his personal funds, Bloomberg reported.
- Hui's net worth is about $7.6 billion, according to Bloomberg Billionaires Index.
The directive was issued after the
Hui's fortune alone is unlikely to be enough to rescue the debt-laden property developer.
According to the Bloomberg Billionaires Index, Hui's net worth is around $7.6 billion - that's small change compared to Evergrande's $300 billion debt pile as of June this year.
It's also unclear if Hui's personal stash is liquid enough for the mission. His
Markets the world over have been roiled by Evergrande's debt woes as investors fear contagion across the world economy. The developer has an interest payment worth $45 million due this Friday.
But local governments China are keeping tabs on Evergrande's bank accounts to ensure the company's funds are being used to complete housing projects under construction, rather than being used to pay creditors, Bloomberg added.
Hui did not immediately respond to an Insider request for comment via Evergrande.
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