Hui Ka Yan Free Mp3 Download Evergrande: Who is Hui Ka Yan? | What about Evergrande? | China | Xu Jiayin | Real Estate | Bankruptcy | Xi Jinping | the world

Evergrande It was confirmed on Thursday Hui Ka Yan It is included “Compulsory Actions” For suspicion of crimes.

WATCH: JP Morgan settles sex-trafficking case against Jeffrey Epstein in million-dollar settlement

The company did not disclose where it was located Sue64 years old, What are the charges against him?

Meanwhile, CNN explained that according to the Chinese legal system, “forced” measures include house arrest and formal arrest.

A day before, on Wednesday, Bloomberg exclusively announced that Hui Ka Yan He was under “residential surveillance.”

Sue established Evergrande In 1996 Home Guard Adding to the uncertainty is the future of real estate firms, which are hoping to successfully complete a major debt restructuring program overseen by the government. China In the coming weeks to avoid collapse.

Big debt Evergrande It was valued at $328 billion at the end of June. Their situation contributed to the worsening of the real estate crisis Chinacreating fears of a global contagion.

Evergrande was at the end of 2022

More than 100,000 employees and nearly 800 unfinished real estate projects. About 700,000 apartments were planned to be built in more than 200 cities in China.

These are the keys to becoming a millionaire Hui Ka Yan and crisis Evergrande:

Who is Hui Ka Yan?

Hui Ka YanAlways know Xu JiayinBorn in a town in the province Henan On October 9, 1958.

He is the son of a woodcutter. He lost his mother when he was eight months old and was brought up by his father and grandmother selling vinegar.

In 1982, he graduated from Wuhan University of Science and Technology with a degree in Arts and Sciences.

A worked as a technician in the company Produces steel For a decade, until he founded the company in 1996 Evergrande in Canton. The company was devoted to the mass construction of houses.

Accordingly BBC MundoIn a speech in 2017, Hui said that during his childhood he ate mainly sweet potatoes and bread.

“At that time, my greatest desire was to leave the countryside, find a job, and eat well.”said.

In the same 2017, Hui became China’s richest manAn estimated $42.5 billion in assets, according to Forbes magazine.

But then came the decline and year after year Hui Lost positions among the rich China. In 2021 it was number 44 on the list, and the following year it no longer appeared.

As EFE recalls, in its peak years Hui He became China’s first millionaire to embrace philanthropy, with an unprecedented $68 million donation in 2013.

Regarding his political affiliations, Hui has been a member of the Chinese Communist Party for over 30 years. He became part of the Chinese People’s Consultative Conference, an elite group of government officials and the most prominent representatives of the business world.

“Without reform and opening up of the country, Evergrande “That would not be the case today,” the businessman said a few years ago in a speech reported by the AFP agency.

“Everything about Evergrande is provided by the party, government and society”he added.

Hui He is married and has two children.

Alarms are ringing in 2021

Evergrande Established in 1996 by Hui Ka YanTill then he was working in a steel factory.

In 2009, Evergrande Takeover of football club a year after going public in Hong Kong GuangzhouRenamed as Guangzhou Evergrande. The team employs millions of foreign stars and has won nine out of ten Chinese Super League titles, as reported by AFP.

Between 2009 and 2010, the company also ventured into dairy, grains and oil business. In addition, it tries to manufacture electric cars, thus starting a severe debt spiral.

In 2017, Hui He became the richest man in China and Asia as a whole with a fortune worth $42.5 billion.

A year later, China’s central bank was included Evergrande A list of highly indebted companies to watch warns that a possible collapse could bring systemic risks.

In August 2020, Chinese regulators announced new limits on three lending rates, the “three red lines”, aimed at reducing leverage in the real estate sector. It was intended to restrict access to financing to promoters who had accumulated excessive liabilities, exceeded certain levels of leverage or did not have sufficient cash flow to meet short-term borrowings. Evergrande.

In the same month, Evergrande It is selling 28% of its asset management division for $3 billion and is beginning to dispose of assets at significant discounts.

In 2021, when will all alarms go off? Evergrande It stops servicing its foreign debt (‘offshore’) during the drawdown Over $300 billion in liabilityThe impact of hundreds of lawsuits and possible bankruptcy creates a great uncertainty in the sector, explains the EFE company.

Since the real estate ‘boom’ of the late 90s, the Spanish agency details, as have many Chinese developers Evergrande is largely dependent on high levels of leverage (using debt to finance operations) and off-plan sales. To keep up with its hype: Some analysts estimate the company sold 1.4 million homes before the crisis hit, the equivalent of $200,000 million.

so, Evergrande A became A symbol of the deepening real estate crisis This threatens the Chinese economy.

Non-working activities and restructuring plan

Analysts estimate that the real estate sector’s weight and indirect factors account for 30% of the country’s GDP. The sector is slowing down at the moment, which worries both developers and Chinese citizens, which gives strength to their investments.

According to official figures published by EFE, commercial sales measured by land area fell 5.3% in the first half of the year, after falling 24.3% in 2022.

to float, Evergrande He presented a plan in March to restructure nearly $20 billion in debt.CoastalEFE pointed out that ‘has not been paid, but in several cases its creditors have postponed the deciding vote on the matter, the worse-than-expected evolution in sales and the consequent need for a “re-evaluation” of the project.

The expectation of Evergrande It needs to get the support of its creditors before October 1 and complete the process by mid-December, but it currently has just 30% of the votes for a critical loan (“Class C”). 13,000 million dollars, although it already has the green light for two other categories, EFE continued.

Losses and more losses

A few days ago Evergrande It revealed more than $85 billion in losses through 2021. It also reactivated its listing of its shares in Hong Kong after a year-and-a-half hiatus, but these have fallen 8.6% in the past month.

At best, in 2027, Evergrande shares will be worth $31.55, compared to $0.35 today.