Published on February 1, 2014
Chinese Real Estate Billionaire Makes Big Bet On Bank Amid Worries About Financial System Amid worries in China about the exposure of its financial industry and investors to bust trust products, one of the country’s richest people is making a big bet on a bank. Hong Kong-listed Evergrande Real Estate Group, whose chairman Hui Ka Yan ranked No. 13 on the 2013 Forbes China Rich List with a fortune worth $5.4 billion, said on Friday it has spent 3.3 billion yuan, or $545 million, to buy a 4.5% stake in Beijing-based Huaxia Bank. Evergrande bought the shares on the open market at the Shanghai Stock Exchange, where Huaxia is listed, between Nov. 13 and Jan. 24, the real estate developer said in a statement after the end of trade.