Hui Ka Yan
Hui Ka Yan | ||
---|---|---|
许家印 | ||
Born | Hanyu Pinyin Xǔ Jiāyìn | | 9 October 1958
IPA | [ɕỳ tɕjá.în] | |
Yue: Cantonese | ||
Yale Romanization | Héui Gāayan | |
Jyutping | Heoi2 Gaa1-jan3 | |
IPA | [hɵy˧˥ kaː˥.jɐn˧] |
Hui Ka Yan (
As of October 2023[update], Hui had an estimated net worth of $979 million according to Bloomberg Billionaires Index,[4] down from a peak of $45.3 billion in 2017.[5] On March 19 2024, Hui was fined $6.5 million for his company´s $78 billion revenue overstatement and banned from China’s markets for life.
Early life and education
Hui Ka Yan was born from a rural family in Jutaigang Village, Gaoxian Township, Taikang County, Henan, on October 9, 1958.[6][2][7] His father is a retired soldier who participated in the Second Sino-Japanese War in the 1930s and 1940s.[8] After the establishment of the communist state, he became a warehouseman in his home village.[8] Hui's mother died of sepsis when he was 8 months old.[8][7] He was raised by his paternal grandmother.[8][7] After high school he worked in a cement product factory for a few days and then worked for two years at home.[9][7] He was the production team leader.[10] After resuming the college entrance examination in 1978, Hui was accepted to Wuhan Institute of Iron and Steel (now Wuhan University of Science and Technology) serving as commissary in charge of hygiene in his class.[11]
Business career
As a fresh graduate in 1982, Hui was assigned to the heat-treatment shop of Wuyang Iron and Steel Company (舞阳钢铁公司), becoming its associate director in 1983 and director in 1985.
In May 1996, Hui Ka Yan, with a monthly salary of 2000 yuan, left the Zhongda Group after unsuccessful negotiation with the boss of this society.[citation needed]
In March 1997 he founded the Evergrande Group, becoming its chairman.[18] Hui is the owner of Guangzhou Evergrande football club, one of China’s most successful football clubs.[19]
At its peak of 2017, his fortune is thought to have been $45.3 billion, putting him third on
Evergrande liquidity crisis and resulting detention
In the context of the
On 28 September 2023, Hui was detained by police and under investigation for suspected illegal activity. Trading in Evergrande shares was suspended.[26] He lost his status as a billionaire in October 2023, when Bloomberg estimated his net worth to be $979 million.[4] On March 19 2024, he was fined $6.5 million for his company´s $78 billion revenue overstatement and banned from China’s markets for life.[27]
Political career
In 2008, Hui became a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, the top political advisory body in China. He was promoted to CPPCC National Committee's Standing Committee in 2013, and actively participated in the conventions since then. He attended the 100th anniversary of the Chinese Communist Party in 2021. In November 2022, he skipped a Standing Committee meeting due to the crisis at Evergrande, and was told not to attend the annual meeting of the CPPCC in March 2023.[28]
Personal life
Hui married Ding Yumei (丁玉梅), whom he met at the Wuyang Iron and Steel Company (舞阳钢铁公司).[29] The couple have two children and live in Guangzhou.[2]
Bibliography
- Guo Hongwen; Xu Yahui (2017). 《恒大许家印》 [Evergrande Group: Xu Jiayin] (in Chinese). Dongcheng District, Beijing: Taiwan Strait Publishing House. ISBN 978-7-5168-1587-8.
References
- ^ "新春特刊之许家印:父亲送我的那块梅花表". Sina Finance. Retrieved 7 June 2018.
- ^ a b c "Forbes profile: Hui Ka Yan". Forbes. Retrieved 11 February 2020.
- ^ "Evergrande chairman Hui Ka-yan forced to sell pledged shares". South China Morning Post. 10 December 2021. Retrieved 13 December 2021.
- ^ a b Feng, Venus; Pei, Yi Mak (24 October 2023). "Evergrande Founder's Wealth Plunges to New Low as Woes Mount". Bloomberg News. Retrieved 29 January 2024.
- ^ a b Wang, Jennifer. "The 10 Richest Chinese Billionaires In 2020". Forbes. Retrieved 17 April 2020.
- ^ Guo Hongwen & Xu Yahui (2017), p. 1.
- ^ a b c d Southern Metropolis Weekly (6 November 2013). 解密许家印:开过拖拉机掏过粪 婚姻被赞模范. qq.com (in Chinese).
- ^ a b c d Guo Hongwen & Xu Yahui (2017), p. 2.
- ^ Guo Hongwen & Xu Yahui (2017), p. 13.
- ^ Guo Hongwen & Xu Yahui (2017), p. 14.
- ^ Guo Hongwen & Xu Yahui (2017), p. 21.
- ^ Guo Hongwen & Xu Yahui (2017), p. 42.
- ^ 许家印舞钢前传:重视工人福利 铁腕管理上班睡觉. 163.com (in Chinese). 7 November 2013.
- ^ Guo Hongwen & Xu Yahui (2017), p. 43.
- ^ a b Guo Hongwen & Xu Yahui (2017), p. 51.
- ^ Guo Hongwen & Xu Yahui (2017), p. 53.
- ^ Guo Hongwen & Xu Yahui (2017), p. 56.
- ^ Guo Hongwen & Xu Yahui (2017), p. 66.
- ^ "A hot night in the Chinese Super League with Guangzhou Evergrande, 'the world's richest football club","www.independent.co.uk"
- ^ Wang, Yue. "Asia's Former Richest Man Sees Wealth Drop $12 Billion Amid Coronavirus Outbreak". Forbes. Retrieved 17 April 2020.
- ^ Zhu, Julie; Jim, Clare (16 November 2021). "Evergrande chief's luxury assets in focus as his company scrambles to pay debts". Reuters. Retrieved 13 December 2021.
- ^ "Bloomberg Billionaires Index". www.bloomberg.com.
- ^ Zhu, Julie; Jim, Clare (16 November 2021). "Evergrande chief's luxury assets in focus as his company scrambles to pay debts". Reuters. Retrieved 13 December 2021.
- ^ Feng, Venus (16 December 2021). "Evergrande Boss Leads $46 Billion in Lost Wealth for China's Property Tycoons". Bloomberg. Archived from the original on 17 December 2021. Retrieved 18 December 2021.
- ^ Why a Chinese billionaire is selling the most expensive home in the UK, SCMP, 12 October, 2022
- ^ "China Evergrande chairman under scrutiny on suspicion of illegal crimes". Reuters. 28 September 2023. Retrieved 18 July 2023.
- ^ Elaine Kurtenbach (19 March 2024). "China accuses property developer Evergrande and founder of £60bn fraud". The Independent. Retrieved 20 March 2024.
- ^ "Evergrande Billionaire Snubbed by China's Communist Party Elite". Bloomberg News. 7 March 2022. Retrieved 28 September 2023.
- ^ Guo Hongwen & Xu Yahui (2017), p. 39.