China s business tycoons are increasingly at risk as the government cracks down on powerful magnates who fail to align with the Communist Party s agenda. The latest case is that of Hui Ka Yan, founder of Evergrande, which is struggling with over $300 billion in liabilities. Hui has been placed under police surveillance and is being investigated over suspected illegal activities. This trend of disappearing business executives has become common in recent years, with high-profile figures such as Jack Ma and Ren Zhiqiang also vanishing.
Evergrande, which has some $300 billion in liabilities, said in a post on its Wechat account that some projects had entered the interior decoration stage while other buildings had recently finished construction.
China Evergrande will sell a majority stake in its property management business for more than $5 billion, Chinese media said on Monday, a deal which would be the largest asset sale yet at the debt-laden property developer if it goes ahead.