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Chinese authorities have told Evergrande's billionaire founder to use his own money to pay down the company's $300 billion debt, Bloomberg reports

1 month ago   |   By Business Insider

Beijing has instructed Evergrande's founder, Hui Ka Yan, to pay the company's debt using his personal funds, Bloomberg reported.
Hui's net worth is about $7.6 billion, according to Bloomberg Billionaire's Index.
Evergrande's debt pile is $300 billion.
Authorities in China have told Evergrande's billionaire founder, Hui Ka Yan , to use his own money to pay the company's debt, Bloomberg reported citing people familiar with the matter. The directive was issued after the real estate behemoth missed an initial Sept. 23 deadline to pay an $84 million coupon on a dollar bond, Bloomberg added...
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