- September 29, 2021
- Posted by: Stratford Team
- Category: Business
HONG KONG — Xu Jiayin was China’s richest man, a symbol of the country’s economic rise who helped transform poverty-stricken villages into urbanized metropolises for the fledgling middle class. As his company, China Evergrande Group, became one of the country’s largest property developers, he amassed the trappings of the elite, with trips to Paris to taste rare French wines, a million-dollar yacht, private jets and access to some of the most powerful people in Beijing.
“All I have and all that Evergrande Group has achieved were endowed by the party, the state and the whole society,” Mr. Xu said in a 2018 speech thanking the Chinese Communist Party for his success.
China is threatening to take it all away.
The debt that powered the country’s breakneck growth for decades is now jeopardizing the economy — and the government is changing the rules. Beijing has signaled that it will no longer tolerate the strategy of borrowing to fuel business…
