BEIJING, iNews.id – Founder of the property giant in China, Evergrande, Xu Jiayin or Hui Ka Yan was the richest person in China in 2017, with a fortune of 47 billion US dollars. At that time, Xu ousted Alibaba founder, Jack Ma in the rankings richest man in that country.
But now, he is on the verge of bankruptcy. Evergrande is a property developer with the world’s largest debt of more than US$300 billion or around Rp. 4,281 trillion. But the problem now is not in the large amount of debt, but the liquidity crisis it faces, which creates great difficulties in repaying these debts. Fears that Evergrande’s bankruptcy would drag down the entire property sector made investors around the world nervous.
The total value of Evergrande’s shares has fallen from $40 billion last year to less than $4 billion. Evergrande has lost 84 percent of its market value this year, so according to Forbes, Xu’s wealth shrank to 11.1 billion US dollars or Rp. 158.4 trillion.
Quotes Morning Express, as one of the richest people in China, Xu was born in a small village in Henan in 1958 to a very poor family. He lost his mother a few months after being born. Then his paternal grandmother took over the care because his war veteran father had to work in a warehouse.
He lived a childhood life when China experienced economic disaster and famine. As a result, little Xu always felt hungry. Throughout his childhood, he ate only sweet potatoes and steamed bread. Due to his shortcomings, he never bought new clothes. Clothes worn are full of patches everywhere.
“It was really patched up all over the place and all I ate was sweet potatoes and steamed buns. I wanted to leave the village as soon as possible, find a job in the city and be able to eat better,” he recalls.
Shortly after the cultural revolution ended in 1977, Xu tried to enroll in a university but failed. The following year, he tried again and was successfully admitted to the Wuhan Institute of Iron and Steel.
His lecturer, Meng Xiankun, remembers Xu as a talkative and sociable student. In fact, he was appointed the class health commissioner.
“He never complains,” said Meng, adding that Xu has a good ability to make friends The Guardian.
Editor : Jujuk Ernawati
