Hui Ka Yan

Hui Ka Yan
Born	Xu Jiayin (1958-10-09) October 9, 1958 Jutaigang Village, Gaoxian Township, Taikang County, Henan Province, China
Other names	Xu Jiayin
Occupation(s)	Entrepreneur, business executive
Years active	1982–present
Known for	Chairman and Communist Party secretary of Evergrande Group
Notable work	Founder of Evergrande Group; owner of Guangzhou Evergrande football club

Hui Ka Yan (, also known as Xu Jiayin in Mandarin Chinese; born 9 October 1958) is a former Chinese billionaire entrepreneur. He serves as both the chairman of the board and the Communist Party secretary of Evergrande Group, a prominent real estate developer headquartered in Guangzhou. In 2016, Evergrande led China’s property sector by sales volume, achieving revenues of 211.4 billion yuan (approximately US$31.8 billion). The following year, Evergrande Real Estate Group reported sales reaching RMB 450 billion (around US$69.5 billion). As of December 2021, Hui maintained nearly 60% ownership in Evergrande. In September 2023, he was detained and investigated on allegations of unlawful conduct.

As of , the Bloomberg Billionaires Index valued Hui’s net worth at $979 million, a significant decrease from his peak wealth of $45.3 billion in 2017. On 19 March 2024, Hui faced a $6.5 million fine for inflating Evergrande’s reported revenue of $78 billion and received a lifetime ban from participating in China’s financial markets.

Early life and education

Born on 9 October 1958 in Jutaigang Village, Gaoxian Township, Taikang County, Henan Province, Hui Ka Yan is the son of a retired soldier from the Second Sino-Japanese War who later worked as a warehouseman. Hui lost his mother when he was only eight months old and was subsequently raised by his paternal grandmother. After completing high school, he briefly worked at a local cement factory and at home before enrolling in Wuhan Institute of Iron and Steel (currently Wuhan University of Science and Technology) in 1978.

Business career

After graduating in 1982, Hui began his career at Wuyang Iron and Steel Company, where he rose to director by 1985 and remained for seven years. In 1992, he relocated to Shenzhen’s special economic zone to join Zhongda trading company and within a year became president of its Quanda branch. Two years later, in 1994, he established Guangzhou Pengda Industrial Co., Ltd. based in Guangzhou.

Hui departed Zhongda Group in May 1996 following unsuccessful salary negotiations. By March 1997, he founded Evergrande Group and assumed its chairmanship. Additionally, Hui owns Guangzhou Evergrande football club, recognized as one of China’s most accomplished teams.

At the height of his success in 2017, Hui’s net worth was estimated at $45.3 billion, placing him third among China’s wealthiest individuals according to Forbes’ 2020 rankings. However, by 2020 his fortune had declined by more than $20 billion to $21.8 billion amid escalating debts exacerbated by the COVID-19 crisis. The Hurun China Rich List from October 2021 assessed his wealth at roughly $11.3 billion.

Evergrande liquidity crisis and subsequent detention

During the Evergrande liquidity crisis, Hui's net worth plummeted to $6.2 billion by December 2021, reflecting a $17.2 billion decline within that year. This decrease was partly influenced by the liquidation of personal holdings, including a £227 million property in London. On 28 September 2023, Hui was taken into custody on allegations of illegal conduct, which prompted a halt in Evergrande's stock trading. By October 2023, Bloomberg valued his fortune at approximately $979 million. Subsequently, on 19 March 2024, he received a $6.5 million penalty for inflating Evergrande's reported revenue of $78 billion and was permanently prohibited from participating in China's financial markets.

Political career

Hui became a member of the Chinese People's Political Consultative Conference (CPPCC) National Committee in 2008 and was elevated to its Standing Committee in 2013. He maintained active involvement until he missed a session in November 2022 amid the Evergrande turmoil and was excluded from attending the CPPCC's annual meeting in March 2023.

Personal life

Hui is married to Ding Yumei (), whom he met while working at Wuyang Iron and Steel Company (). The couple has two children and lives in Guangzhou.