Following Evergrande’s deepening debt crisis, the fate of Hui Ka Yan, also known as Xu Jiayin, often referred to as the “Chinese real estate magnate,” has taken a dramatic turn.
On the evening of September 28, China Evergrande announced on the Hong Kong Stock Exchange that the company had been informed by relevant authorities that its executive director and chairman, Mr. Hui Ka Yan, had been taken into custody on suspicion of illegal activities.
Prior to this, several senior executives of Evergrande had already been detained for investigation. On the evening of September 16, Du Liang, the legal representative and execut…
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