China 's real-estate magnates have together lost $46 billionwealth this year amid the sector'sdebt crisis .Evergrande chairmanHui Ka Yan has chalked up the biggest loss, of $17.2 billion.
It hasn't been a good year for China Evergrande chairman Hui Ka Yan.
Not only is the company he founded grappling with $300 billion worth of debt: his personal wealth has fallen by $17.2 billion over the last 12 months$4 to $6.1 billion, according to the $4 That's a big step down for a businessman who was worth $42 billion in 2017.
Hui's losses are among the most extreme suffered by China's property's tycoons this year, which total $46 billion, according to Bloomberg's data.
Hui's fortune has shrunk in part due to a plunge in Evergrande's share price, which has fallen about 90% year-to-date.
Shenzhen-headquartered Evergrande is the world's most indebted developer, and its troubles are worrying global investors who fear its collapse could send the rest of the sector — and possibly the rest of the world — into $4.
The company's debt crisis has already cost its billionaire founder and chairman personally. Hui has reportedly been $4 personal assets to keep the company going after Chinese authorities instructed him to use his own money to pay down company debt, $4
In November, $4 reported Hui used $1.1 billion of his personal wealth to pay down company debt. Hui has also pledged two luxury properties in Hong Kong and sold art and calligraphy from his collection to raise funds, $4 Last week, he was $4 in the company after an unnamed third party enforced a "security interest" in them.
Several other Chinese property developers have also been personally hit by investor concerns over a cash crunch in the sector.
Shimao — one of China's top 10 developers in 2020 — also saw share and bond prices plunging, sending the fortune of its founder, Hui Wing Mau's, $4, according to Bloomberg. $4, started off the year worth more than $4 and ended it down $6.8 billion according to the Bloomberg