The Story of Hui Ka Yan, Founder of Evergrande, Formerly a Factory Worker, Now Has IDR 156 Trillion : Okezone Economy

JAKARTA – Founding father Evergrande Xu Jiayin or known as Hui Ka Yan has a wealth of USD 11 billion or equivalent to Rp. 156.2 trillion (exchange rate of Rp. 14,200 per USD). Thus quoted in the Forbes real time net worth data.

With a wealth of IDR 156 trillion, Hui Ka Yan is ranked 56 on the Forbes list of the world’s richest people this year.

However, now his company Evergrande was hit by a financial crisis. Evergrande’s recorded debt is estimated to reach no less than USD 300 billion or around IDR 4,260 trillion.

Even though his company was in crisis, Hui Ka Yan’s life journey was full of difficult times.

Prior to holding the title as one of the richest men in China, Xu Jiayin had been a manual laborer. According to media in China, he was once a tractor driver who transported cow dung, to work in a cement factory.

In the early 1970s he entered the Wuhan Institute of Iron and Steel, the educational institution now known as the Wuhan University of Science and Technology.

After graduating, he worked in an iron and steel factory for several years before founding the Evergrande Group in 1996. Evergrande made numerous property investments that earned his company US$722 million when offering shares in 2009. As China’s economy grew, Evergrande also grew rapidly.

Read more: The Story of Hui Ka Yan, From Factory Worker To Billionaire Owner of Evergrande Has IDR 4,000 Trillion in Debt

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