Evergrande Chairman Hui Ka Yan Has Been Paid $8 Billion In Cash While Property Developer Piled On Debt

Evergrande Chairman Hui Ka Yan Has Been Paid $8 Billion In Cash While Property Developer Piled On Debt

Evergrande Group chairman Hui Ka Yan has received $8 billion in dividends since the real estate developer went public in 2009. Amid the chaos surrounding concerns about debt payments by China's property developer Evergrande Group, it's good to be the chairman. Although Evergrande Group's 80% stock decline so far this year has made a dent in its billionaire founder and chairman's fortune, Hui Ka Yan will remain extraordinarily wealthy even if the company collapses under the weight of its more than $300 billion in debt and a looming series of bond payments that has rattled the global economy this week. Of Hui's current estimated $11. 5 billion fortune, Forbes calculated that $8 billion is from cash dividends paid to Hui since Evergrande's 2009 IPO on the Hong Kong Stock Exchange. The real estate developer's total liabilities have increased every year since it went public, according to its annual reports, but it has paid out a dividend every year except 2016. The dividends have gone primarily into the pocket of one man—Hui owns 10. 2 billion shares of Evergrande, a 77% stake in the company. Evergrande paid dividends of 1. 13 yuan per share ($0. 17) for the year 2017 and