The Chinese billionaire injected more than 7 billion yuan ($1.1 billion) in cash to help Evergrande improve liquidity and sustain its day-to-day operations, Yicai reported last week, citing anonymous sources.
Chinese billionaire Hui Ka Yan has tapped into his personal wealth and raised about $1 billion for the deeply indebted property developer China Evergrande Group, according to state-affiliated news site Yicai. The embattled billionaire has been pledging shares and disposing personal assets since July 1. He injected more than 7 billion yuan ($1.1 billion) in cash to help Evergrande improve liquidity and sustain its day-to-day operations, Yicai reported last week, citing anonymous sources. The website is managed by the state-run Shanghai Media Group, according to Yicai’s introduction page. Evergrande didn’t respond to an emailed request for comment.
