Who Is The Hui Ka Yan Conglomerate, The Owner Of A Property Company From China Evergrande Who Reportedly Has A Debt Of IDR 4,200 Trillion

The owner of Evergrande, Hui Ka Yan Conglomerate (Photo: Doc. Forbes)

JAKARTA - The deadline for payment of a loan of 83 million US dollars from China's second largest property company, Evergrande, which is due on Thursday, September 23, 2021, has sparked global uncertainty.

The cold attitude of the Chinese central bank to help overcome the problem makes the situation even more uncertain.

The owner and founder of Evergrande, Hui Ka Yan, is said to have written an open letter to his employees as well as to market participants, saying "will soon be out of this darkest situation."

However, the statement was not warmly welcomed. In fact, the local media said Hui Ka Yan was in a 'delusional' situation because the company had a debt burden of up to US$300 billion or around Rp. 4,200 trillion.

Before the dark clouds overtook Evergrande, Hui Ka Yan was known as a businessman with great success.

He was born in the province of Hena, West China in 1958. His father was a national soldier who fought against the Japanese. While his mother was known to have died before Hui was one year old, he was raised by his grandmother.

Young Hui are known as hard workers. He made his first profession as a tractor driver. Then Hui turned into an employee at a cement factory.

In 1970, he then had the opportunity to study at a university in Wuhan. After completing his studies, Hui then worked at a steel factory.

It was here that he deepened his practical knowledge and then took the initiative to establish Evergrande in 1997.

After a decade of development, the Hui company released its initial shares to the stock exchange. From the information gathered by the editors, the Evergrande corporate action successfully earned US$722 million in 2009.

After that momentum, Evergrande's role in the property sector became even more intense. Even in 2018, Brand Finance ranked Evergrande as one of the most valuable housing companies in the world.

Like a tit for tat, the owner, Hui Ka Yan, is included in the elite list of the 53rd richest people in the world according to Forbes. This achievement raised Hui's status as the 10th richest man in all of China.

Like most of the world's wealthy, Hui is interested in investing in various fields. He is noted to have invested in the development of electric cars, until he became the owner of the Guangzhou Football Club.

Hui's gait also extends to the political field. He is said to be one of the most important advisers in the current government.

As the saying goes, there is no ivory that is not cracked. Today, Hui Ka Yan faces a complicated dilemma to save his business empire.

It is suspected that the source of the problem stems from the company's obligation to immediately pay off loans or debts. If Hui does not immediately take strategic steps, then at least 200,000 employees of Evergrande Group will be the first to feel the impact of the collapse of the business that was built in the late 90s. The same is true of world financial market projections.