Tag: Xu Jiayin

Austrian real estate tycoon Rene Benko was stripped of his power and had to give up the shares in his severely ailing SIGNA, one the largest European real-estate groups. The equation of rising interest rates plus more restrictive lending with a high level of debt could no longer be solved. Like China's Evergrande, SIGNA relied on cheap credit and constantly rising real-estate prices. But these times have gone for good!

Hui Ka Yan, the founder of China's real estate behemoth Evergrande, once held the title of Asia's wealthiest individual. Known alternatively as Xu Jiayin, Hui's journey from modest beginnings to leading a sprawling business conglomerate is remarkable. In 2017, Forbes magazine estimated his net worth at a staggering $42.5 billion. As of early October 2023, however, Forbes estimates the fortune at only $3.2 billion.