Asiaâs Former Richest Man Faces Escalating Debt Crisis
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Hui Ka Yan speaks during a news conference on the sidelines of the fourth session of the 12th National People s Congress on March 6, 2016 in Beijing, China.
Etienne Oliveau/Getty Images
Chinese real estate tycoon Hui Ka Yan is rapidly slipping down the wealth rankings. He net worth dropped another $3.35 billion this week, as shares of his Evergrande tumbled 26%.
The companyâs Hong Kong-listed shares have plunged 68% over the past year, and analysts say the once resourceful tycoon appears to be running out of options to avert a mounting debt crisis. Itâs a dramatic turn of events for Hui, who had been crowned Asiaâs richest person just four years ago, when his net worth peaked at $45.3 billion. Today, his fortune currently sits at $17.2 billion and thereâs no telling how much further it may drop.
Students mark historic journey Share CLOSE Students from the Beijing Dance Academy rehearse for their performance at the gala show The Grand Journey, one of the major events to mark the centenary of the Communist Party of China. CHINA DAILY
More than 1,000 students of the Beijing Dance Academy and the middle school attached to the university performed during the grand gala celebrating the centenary of the founding of the Communist Party of China held at the National Stadium, also known as the Bird s Nest, on June 28.
The four-part gala, The Grand Journey, which lasted for two hours, traced the Party s century-long history from its revolutionary victories to the construction boom in the early days of the People s Republic of China and the national transformation brought about by reform and opening-up in recent decades.
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A birthday to remember Share CLOSE Tenor Liu Naiqi (left, center) performs alongside Hong Kong movie star Jackie Chan (middle, center) and Taiwan pop idol Angela Chang (right, center) at the gala staged at Beijing s iconic National Stadium on June 28, to celebrate the centenary of the founding of the Communist Party of China.[Photo by Zou Hong/China Daily]
Tenor Liu Naiqi celebrated turning 40 by proudly representing Macao with a performance at the grand gala commemorating the centenary of the Communist Party of China, Chen Nan reports.
On June 23, Chinese tenor Liu Naiqi turned 40.Unlike previous years, when Liu celebrated with his family and friends, this year, the tenor was busy rehearsing for the grandest of galas-the one to celebrate the centenary of the founding of the Communist Party of China.
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