Hui Ka Yan, who established the Evergrande Group—the developer currently facing the world's highest debt—previously held the title of Asia's richest individual with a net worth of $45.3 billion. Yan invested in sectors like electric vehicles and professional soccer, both of which are interests of Chinese President Xi Jinping. By participating in a "poker club" frequented by Hong Kong moguls, he suffered significant financial losses but managed to capture the attention of businessman Cheng Yu Tung, who eventually provided the support needed to help Evergrande navigate a major liquidity crisis.

by shortkt.com✓

4 hours ago