Hui’s net worth has fallen to $979 million, according to the Bloomberg Billionaires Index, with shares of his debt-laden real estate firm trading at just HK$0.24 (3 cents) each. Shares of China Evergrande have dropped 86% since its trading resumption in late August.
While Hui’s wealth may seem trivial in the context of a police investigation into alleged crimes by the property tycoon, the value of his assets is of keen interest to creditors seeking to limit losses from one of the biggest corporate collapses in Chinese history. The slump is also another illustration of how hard Hui has fallen after riding the nation’s real estate boom for more than a decade.
Once Asia’s second-richest man and worth $42 billion at his peak in 2017, Hui’s wealth has plummeted 98% since then, according to Bloomberg’s wealth index. The founder is now under police control, leaving his empire in limbo with no clear restructuring plan in sight.
Read the full story on Bloomberg here.