Meet six Chinese tycoons who went Evergrande founder s way under Xi firstpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from firstpost.com Daily Mail and Mail on Sunday newspapers.
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.
From intentionally setting up ‘bad banks’ in the ’90s to more recent bank takeovers, Beijing has a history of reaching into its deep bag of policy tools to make economic repairs.