Jakarta, CNN Indonesia —
Name Hui Ka Yan or also known by the name Xu Jianyin is being talked about in the mass media lately. The company he started, Evergrande, is in the spotlight because it is in debt up to US$300 billion or around Rp.4,290 trillion (assuming an exchange rate of Rp.14,300 per US dollar).
Ka Yan was born from a rural family, precisely in Jutaigang Village, Henan, China. He did not come from a family of businessmen or merchants.
His father was a retired soldier who participated in the Second Sino-Japanese War in the 1930s to 1940s. Meanwhile, his mother died when Ka Yan was only 8 months old.
Ka Yan grew up being raised by his paternal grandmother. After graduating from high school, he worked in a cement factory. He even managed to become the leader of the production team.
Ka Yan then tried his luck in college and managed to enter the Wuhan Institute of Iron and Steel in 1978. After graduating, Ka Yan entered an iron and steel company and briefly became a director.
However, he was not complacent and moved to Shenzhen in 1992. At that time, Shenzhen was being developed into a special economic zone.
Ka Yan managed to break into a large trading company called Zhongda and eventually became head of the branch in Guangdong. His career did not stop there, he moved again to Guangzhou and founded the company Guanzhou Pengda Industrial.
Quoted from Forbes, after three years, he decided to establish the Evergrande Group and took over as Chairman in 1996.
Evergrande debuted on the Hong Kong stock exchange in 2009 and immediately shot up 34 percent. At that time, Evergrande had 800 projects in more than 280 cities.
Not only property, the Evergrande group is slowly expanding its investment wings from football clubs to electric cars. In fact, Evergrande football club is one of the most successful football clubs in China.
All of these investments succeeded in bringing Evergrande to become the largest real-estate developer in China. All his efforts succeeded in bringing Ka Yan into the ranks of the richest people according to Forbes.
At its peak, Ka Yan had amassed a fortune of US $ 42.5 billion and became the richest person in Asia. Unfortunately, 73 percent of that wealth has evaporated and is almost certain to lose more as anxious lenders, suppliers and homebuyers surround Evergrande’s offices.
Ka Yan’s wealth was recorded at US $ 11.8 billion or equivalent to Rp. 168.82 trillion as of September 30, 2021.
The story of Ka Yan and Evergrande continues on the next page….
Evergrande Debt Tragedy
–
– .
