- SCMP reported that Evergrande’s founder wrote a voicemail after rumors of his suicide emerged on Friday.
- Hui Ka Yan sent executives a clip of 50 seconds asking for speed in construction projects.
- Evergrande has a $300 billion debt and is facing a collapse of property values in China.
According to reports, Evergrande’s founder, a Chinese construction giant, left a voicemail to his executives and presided over a meeting Friday as a way to dispel rumors that he had died.
Hui Ka Yan used WeChat’s 50-second voice clip to urge 100 executives to increase their marketing efforts and speed up construction projects that are still unfinished. South China Morning Post reported.
According to the newspaper, the clip was published around the same time as rumours began to circulate on social media that Hui had jumped from a Changsha building, capital of Hunan Province. Evergrande spokespersons in Guangzhou did not respond to the publication.
According to the SCMP which cited a post from the company’s website, Friday night saw the chairman chair a meeting with Evergrande executives in Guangzhou. According to the report, Hui was seen in photos and video speaking with employees.
Hui reported that 256,000 units were delivered between January and November. This is close to the 300,000 unit target for 2022.
Evergrande stated in September that it would resume work on its property projects that were stalled by the end the month. Financial Times reported.
According to the FT, the company stated that it had 706 projects in China waiting for completion by buyers who had already paid properties. Work had resumed on 668.
Evergrande, once a keystone of China’s building sector, has seen its property valuations plummet in recent months. Now it is struggling under a mountain of debts of around $2.5 billion. $300 billion,It is the most indebted company in the world.
Evergrande’s shares fell and were suspended in January when the developer was directed to demolish 39 buildings within a large development in China’s southern province, Hainan. The Guardian reported.
Hui was Creditors asked to pay over $2 billionBloomberg reported last Wednesday that Bloomberg had used his own money in order to meet a deadline he set for himself regarding a restructuring plan.
According to The New York Times, his net worth plummeted from $42 Billion in October 2017 to $6.2 Billion today. Bloomberg Billionaires’ Index. Forbes He puts his wealthAt $2.9 billion
Hui was reported by the FT as the victim of a robbery in October. Real owner of a London property valued at around $227 millionHe tried to sell it, but it was already on the marketplace Liquidate assets in order to continue paying interest bills.
A lack of orders forced Evergrande to stop production of its electric vehicle unit this week. Reuters reported.
Hui couldn’t be reached for comment, and Evergrande didn’t immediately respond to Insider’s request.
